Their allowance is their age with a caveat

Their allowance is their age with a caveat
by dulac89 (2018-10-16 15:16:25)
Edited on 2018-10-17 02:18:49

In reply to: Seeking ideas on allowances for kids, aged 11 and 9 posted by Giggity_Giggity

G15 and be B11 get $15 and $11 a week respectively for allowance. There are no defined chores they are required to complete, rather they are simply expected to do whatever chores are asked of them each week and if they do not they know that they lose their allowance.

Each has a spending account and a savings account, spending account has a debit card associated with it. They are required to put at least 1/3 of their allowance into the savings account and 2/3 can go into the spending account (although both will increase the savings amount once their spending account reaches a certain level). The spending account is there to do whatever they want with, the savings account requires our permission to take any money out of. They definitely have seen the value of regular savings as my daughter has over $2000 and son almost $1500.

Same here

Age amount per week. However, it all goes into savings. The thinking is that they will use it to purchase their first vehicle. Oldest is 12 and he has about 2500 in savings now, placed in CDs. So they get to learn about investing as well.

Their spending money comes from birthday money etc.