Kids and Allowance

Families differ on how they give their kids money. Kelly writes about how her family does it, and the many questions that go along with allowances.

* Should the allowance be given freely OR tied to chores?
* Should I only pay for extra chores?
* How much money should I give my kid?
* Should I let them spend it on what they want OR should I force them to save a portion of it?
* Coins, bills, or a savings account?
* How often should I give him/her allowance?

Personally, I give the kids a set amount every week, in order to teach them by trial and error how to handle money. The amount is less than their friends get, which forces them to think hard about how they spend it. Their allowance is not tied to performing family chores, but occasionally I give a bonus to someone who has been extra helpful (only as a surprise). How does your family handle children and their money, or how do you plan to do it? Link -via Consumerist

(image credit: Flickr user Pingu1963)

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My parents did not believe in allowances, because they were absolute control freaks, and didn't want us to be able to buy anything they didn't approve of.

When I got my first job, I was expected to start paying "rent" which was always the total amount of my paycheck (of course I learned to lie about what I was making and hide money.) I resorted to credit cards as an escape, and now I am $45,000 in debt. Thanks a lot, Mom and Dad!
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in my case when i was a child, i decided to never ask for money.
just let my parenst keep it. so when i want something i asked them so that i wouldn't ahve to go buy it myself, HAHAHA... thats some service
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I got a small allowance growing up & it was attached to my doing chores - simple stuff like keeping my room tidy & helping clear dished after dinner.
Until I was 15, half of my allowance went straight into the bank, which was great because then I had savings to buy myself a stereo etc.
I think I got 50c per week (total) when I was 5 and it went up in $1 increments per year.
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I'm thirteen and I have no allowance :(

However, my mom told me that she used to get pocket money every week (she's from Pakistan). I've been trying to convince her that she should do the same with me, but my brother always ruins it by requesting $5 for washing the car (with me and my dad's assistance, I should add).
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well we had kinda of the same set up you have Miss C,

by the time I was in 5th grade I was receiving 3 dollars a week. it would work out to be just enough to buy SOME of the things we wanted, but not all, so we had to constantly make trade offs.

though we were immediately cut off once we started working. then we had to pay INTO the house, so that we didn't have too much money in our hands to be wasteful with.

Worked out pretty well for me. Not so much for the siblings once they started managing their own money they went a little wild.
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