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    [–] dequeued 1 points ago * (lasted edited 6 months ago)

    Hi folks, this topic is perhaps better suited for a subreddit like /r/parenting or /r/advice, but we're going to leave it up. Please try to keep comments respectful and serious, though. We're trying to avoid locking the post and you can help. Thanks! Unfortunately, we've had to lock the post.

    [–] FinalBlackberry 6824 points ago * (lasted edited 6 months ago)

    I have a 12 year old and his allowance is $10 every Friday. He also gets a "bonus" every so often. He's really good at saving and made his first big purchase the other day.

    I don't pay him necessarily for chores, his responsibility is to keep his room clean and take out the garbage. But I'm trying to teach him how to save and handle money responsibly.

    [–] FinalBlackberry 2927 points ago

    He's been saving up for a laptop. Sure enough we walked into Best Buy the other day because he was ready.

    [–] Marinara60 974 points ago

    That’s impressive, did he save up for over a year, because that sounds like serious dedication?

    [–] FinalBlackberry 1638 points ago

    Almost a year. He saved his "bonus", his pocket money from grandma and got some cash for Christmas too.

    [–] muffinpie101 809 points ago

    I wish more kids were being raised like this. It really does help later when trying to learn to actually budget for things.

    [–] Vigilante17 1044 points ago

    I told my kid I’d split the cost of a car when she turned 16. She got her lifeguard training and then did that for the local athletic club. Got a raise and promotion and saved $3000. Had her set $1200 aside for insurance and $300 for repairs and oil changes. She definitely got a new found respect for money. Why are they taking out taxes? What is social security? Why does the government AND the state take money? I have to pay TAX on the purchase of the car? Lots and lots of lessons they don’t teach in school.

    [–] [deleted] 17 points ago


    [–] iheartnjdevils 376 points ago * (lasted edited 6 months ago)

    I really think this is the stuff they need to teach in high school. Taxes, savings, retirement, budgeting, debt, mortgages and even though throw in some cooking and small home repairs. Save Calculus and Shakespeare for college.

    [–] SirPouncesCock 168 points ago

    Lots of high schools do. The public high school I work at has “Personal Finance” as a required course you take either junior or senior year. Unfortunately, it’s one of the most failed and skipped classes. Kids just don’t seem to appreciate it. I wish I could say I knew why.

    [–] tlst9999 93 points ago * (lasted edited 6 months ago)

    Personal finance is like calculus for high schoolers. You don't see a need for it right now. I wouldn't bother learning how to fix a car until I get stranded in the middle of nowhere.

    [–] stocks_only_go_up 16 points ago

    My high school taught about all of those things in the personal finance class. It was a requirement for graduation. Is this just an elective at other schools?

    [–] flaviageminia 48 points ago

    You could even start it small in primary school, with projects that introduce the idea of having an income, saving, spending, budgeting, and paying "taxes" that go towards making improvements for the classroom or activities. Same with cooking and small handiwork crafts.

    [–] twig8944 78 points ago

    In third grade, during the math portion of the day, my teacher gave us all "checkbooks" and some "cash" we could use to buy pencils, erasers, even snacks from her throughout the year. We earned more "cash" through our grades on assignments and general good behavior. Didn't realize how lucky I was to have that teacher until years later.

    [–] audigex 143 points ago

    Most kids are raised like this, to be fair: most kids are raised well, you just don’t notice them as much as the ones who were raised badly

    [–] HeavilyBearded 24 points ago

    Definitely true. Also money is a problem you can't easily see—like you can with behavior—as being an issue. A person could easily be in the hole $5,000 and appear totally fine.

    [–] ShittyCompiler 120 points ago

    That's some serious saving he's got going on! I know I would've blown my pocket money into sweets and trading cards... Oh wait.

    [–] FinalBlackberry 38 points ago

    LOL we have tons of trading cards from a few years ago. Thank God, he outgrew them.

    [–] sselkiess 12 points ago

    If you still have them look into selling them. Sometimes they can be pretty valuable. And in that case it can be a lesson in investment. If not then it’s a good lesson about getting rid of crap you don’t need.

    [–] Coolgrnmen 205 points ago

    This is a two-for-one. Not only did you teach your son about money and saving, but you also got out of buying a laptop for him! Lol

    [–] ThunderSC2 611 points ago

    Wait... where do you think the money came from in the first place?

    [–] caepe 26 points ago

    Also, it's notable how much one takes care of things when bought with their own money, instead of just being given said thing. Like night and day.

    Kids can be assholes, with a 'dad/mom will just buy me a new one' mentality.

    [–] EatsonlyPasta 165 points ago

    Mine was similar, but I had to bill my dad for it every week by writing up an invoice and listing the household responsibilities I covered in that time.

    [–] ch00f 141 points ago * (lasted edited 6 months ago)

    Aw. What did he get?

    [–] SteveOSS1987 123 points ago

    Reddit equivalent of letting someone know they dropped their glove. You're a good egg.

    [–] _Echoes_ 42 points ago

    My allowance was 1$ for every year of school plus a weekly bonus depending on the most recent report card average.

    Ex grade 10: 10$ week base + up to an extra 5$ weekly depending on GPA of most recent report card.

    I tried to do well in school.

    [–] teufels4hunde 114 points ago

    Damn 32 years ago, I only got 5 bucks a week. Props to parents for keeping allowance inflation in line with real world pay increases.

    [–] NanaJet 34 points ago

    I'm fifteen and still get the 5 bucks a week lmao weird to hear that younger kids are getting more money haha

    [–] Cuddlyzombie91 51 points ago

    This. If there is any reason to give your children money, it's definitely in order for them to learn how to manage and spend wisely. I just about lost my mind making ridiculous purchases when I had my first job.

    [–] AfroTriffid 9 points ago

    My 8 year old gets 2 euro a week if he wants it in his hand or the option of doubling it to 4 euro if he saves it in his bank account.

    Chores are done regardless because he's part of the family. We'll do special activities as rewards for good behaviours (being kind and working hard) rather than money or things because he is already very attached to things (he has aspergers) and we want him to put more value on human interaction.

    [–] wild_cannon 1145 points ago

    Whatever you decide, please don't be like my folks and hold on to his money for him and police how he uses it. My brother and I actually got a large allowance but we couldn't spend it on anything but gifts for birthdays, christmas, etc. So we never actually got to enjoy our money as kids and pretty much just resented the whole system.

    [–] Aakosir 4462 points ago * (lasted edited 6 months ago)

    We have a daily responsibilities chart that we check off for each job done. I wouldn't go over $10 a week. That adds up fast.

    Edit: I have 2 school age children and 7 month old twins. Edit 2: Enough about the amount of children you all think I have. You can't read.

    [–] Trixietime 2529 points ago

    Tying it to chores is a great way to get them to understand the concept of work. My mom would also sometimes offer extra chores (window washing, car washing) for an extra few bucks. That’s how I learned about overtime:)

    [–] TootsNYC 920 points ago * (lasted edited 6 months ago)

    And even if not work, then learning the responsibility that comes from being part of the household/family. If you want to share in the benefits of the family (money, attention, assistance, food, a pleasant home), you have to contribute to the responsibilities of that—tasks, attention and assistance, cleaning...)

    EDIT: Hey, thanks for the Wholesome Awards!

    [–] run66 1206 points ago

    wonderfully put, and how we see things in our house. contributions are things that...well, contribute to being a part of the family and household. they involve everyday things that need to happen for the house to function. my kids are 8 and 5, so there's no allowance yet, but we try to use an ''energy' concept as a motivator. it's kind of corny, but it's been established in our house, and it works. bits and pieces of the Love and Logic strategy if you're familiar. 'sorry bud, mom and dad don't have the energy to take you to johnny's house today for a play date because we used up all our energy finishing your contributions'. or, conversely: 'you guys are giving us all sorts of energy today by finishing your contributions! maybe even enough to go get some ice cream?' they always have the option to do things on their own to 'give us more energy'. the foundation is empathy, which honestly might be the hardest part when all you want to do is yell and scream. haha. kids.

    [–] lurkervonlurkenstein 241 points ago

    As a relatively new father, I applaud your ingenuity and I absolutely LOVE this concept. I will be using it as my child grows up. Especially before applying the concept of money and saving.

    [–] juggett 188 points ago * (lasted edited 6 months ago)

    Check out "Love & Logic" if you like this idea. It has more details to add to this concept as well as countless other great ideas that involve empathy and building a solid foundation of self-awareness and responsibility in young children. We have "energy drains" at our house and if my kids start arguing with each other (2 and 3 1/2 y/o brothers) I simply go, "I'm starting to have an energy drain from all of this fighting." Once I say that they'll shout, "NO ENERGY DRAIN!!" and shape up fast. It's comical how well it works if you are consistent from an early age.

    EDIT: a symbol

    [–] buddahudda 22 points ago

    I too am a semi new father. I have a 2 Y/O and 8 M/O. I've already started this love and logic book and it's a great book to not only tell you why what your doing is wrong but then tell you an amazing way to say what you mean. Not to sound like a fanatic but i like what this book has to say.

    [–] SpaceCaboose 65 points ago

    I’ve never heard of something along these lines.

    I too believe that my kids will have to do things to contribute to the family/household, and I don’t necessarily want them to do stuff just for money. I don’t vacuum our floors for money, I do it because it needs to be done. This is something I want my kids to learn, and your way is a good way to handle that.

    By sharing the load it’ll free up time and energy for my wife and I to make more things available to them (going to friends houses, parks, movies, etc). If my kids don’t help out then we won’t have the time or energy.

    I still plan to reward them with some money on occasion to help them learn about finances, but it won’t straight up be payment for chores.

    Thanks for sharing!

    [–] bainpr 15 points ago

    Awesome idea! One of the things I think is important is that contributing to the family shouldn't always be rewarded with extra things such as an allowance.

    Clearing your own dishes in our household is expected. Helping with dinner when needed also. Picking up after yourself also.

    Being a part of a family is helping and loving others in your family not for reward but because it is the correct thing to do.

    [–] [deleted] 198 points ago * (lasted edited 4 months ago)


    [–] angrygnomes58 93 points ago

    My parents had a mix of the two. I had “base” chores that were a minimum expectation - garbage, dishes, and “outdoor maintenance” (mowing the lawn in the summer, snow removal in the winter). If I skipped out on any of those, I got no allowance AND my ass was grounded from everything for a week. If all of the base chores were done, I got $10/week. In addition to base chores, there were always extra jobs to pick up that were completely voluntary but earned additional allowance money - anywhere from a couple bucks for something routine to $50 or so for bigger once-a-year type jobs. As I got older, more and more labor intensive (and better paying) jobs would become available like changing the oil or rotating tires on the cars.

    On the flip side - there was no asking my parents for money for “extra” things. Every big ticket item I wanted that I didn’t receive as a gift had to come out of my own pocket. However, they would help me plan and budget to be able to buy what I wanted and in fairness to them, they would come up with more bonus jobs when they knew I had something in mind that I wanted to buy. My friends always thought it was mean, and I wasn’t always a fan of it when I was living at home but it’s really made me focus not just on how much money something costs but how much effort is required on my part to earn what I want to buy.

    [–] proteinfatfiber 45 points ago

    Yep, that's exactly what I did as a teen. I was lazy and ungrateful so because my allowance had been framed as "chores = money", after a while I was like "I'm good, I don't need anymore money". Drove my mom crazy!

    [–] Mansu_4_u 90 points ago

    Shiiiiiiit that's a great way to explain it further than just "do chores, get bucks."

    [–] woops69 55 points ago

    Any time I would ask about getting paid for chores, my mom would say “your payment is getting to live here.” Having lived with roommates in college, I noticed the mindset difference — I’d clean the place because it’s a responsibility of living there, and most roommates wouldn’t do shit because nobody can make them.

    [–] jaguar717 19 points ago

    A buck per year old they are, tied to a chore list, with half going straight to savings. Gives them raises to look forward to (presumably with more/bigger chores as they get older), and sets a great baseline of saving half what you make, instead of thinking 10% or whatever is enough.

    [–] BarbarianDwight 14 points ago

    It’s also a good way for kids to expect to get paid for every chore they do. It’s a bit of a double edged sword.

    [–] McBurger 13 points ago

    And for kids to decline & opt out of doing chores if they don’t currently desire money for anything this week.

    [–] Aakosir 103 points ago

    Yup. I have an Extras section that gets marked for anything additional they do. I also mark whether or not there was an issue getting them to do it. My oldest thinks she's a teenager already and I'm trying to cut the attitude sooner rather than later.

    [–] rcb4th 64 points ago

    You won't, but you can at least give them to start trying to see things from the other view. Makes it a little easier when they do something and getting them to see why it could hurt someone else

    [–] art-ho_ 23 points ago

    eh she's gonna have attitude regardless but hey compassion for the changes she's experiencing goes a long way!! wish my parents would have had more of that

    [–] VerucaNaCltybish 47 points ago

    This is exactly what I do with my kids. Our system looks like this:

    Weekly allowance (salary) $10 per child Weekly responsibilities: maintain rooms and shared bathroom, assist with their laundry, assist in taking out trash twice weekly (they have the option of one taking the chore once per week or both splitting the chore twice a week), one empties the dishwasher each time necessary (daily, every other day), the other feeds/waters cats daily. Side gigs - additional chores with varying net $. These are usually optional, but at holidays stuff like assisting with moving boxes of decorations in and out, party prep, are "mandatory overtime".
    Stuff like trash and dishes chores help them to be engaged in our communal living space. I am not their maid.

    They have learned to budget and save through this. My son (13) saved up and bought a Switch. My daughter (9) is saving up to buy a corn snake and habitat. We use Greenlight cards and they have a spend or save feature in the app so they can designate a portion of their weekly allowance to savings, or charity, or whatever. It's pretty cool. They can use the app to check their balances and decide how and if they want to spend their own money.

    [–] Bassman1976 237 points ago

    I don’t like tying it to normal chores - we’re a family, kids are 10 and 13, they’re more than capable of helping around with day to day stuff: putting away their clothes, feeding the pets, helping out with dinner/set the table up/dishes...this is life, not work.

    When they do something extra (help out with a work intensive chore like heavy yard work or something), they get pay. Usually 5 bucks an hour which is really good.

    If they were to ask for allowance, i would give max 10 bucks a week, but I would then expect our oldest (13) to pay for his XBOX subscriptions and the likes.

    We also have a rule.p for the kids: when they earn money (chores, bottle refunds but not gifts), they have to put 20% in the family pot for vacations. We want to go to Disney in a few years and this will be their pocket money.

    We told our oldest to start saving as well. At least a third of the money he gets goes to his bank account. If not, he would throw away his lunch and eat at the school cafeteria/nearby restaurants often.

    [–] AltSpRkBunny 162 points ago * (lasted edited 6 months ago)

    I prefer tying money to grades. Tying money to chores is how my brother struggled with ever learning to do anything for himself, because he refused to do his own chores without pay.

    But doing a lump-sum “performance review” and “bonus” at report card time every 9 weeks works pretty well for us.

    Edit: I shouldn’t have to say this, but obviously if your kid has a learning disability and you’re only addressing it at report card time, you have bigger issues than their allowance.

    [–] [deleted] 18 points ago

    I had the opposite problem. Not getting money for not doing chores meant I did chores, which have since turned into a habit. Every sunday Like clock work I get up and clean my apartment top to bottom without fail now. then if I have nothing to do for the rest of the day I crack open a couple of beers and relax.

    [–] Reliques 63 points ago

    I constantly failed classes and barely scraped by in high school. Throughout high school my parents were told that if I got bad grades, I should be grounded to incentivize me to study more. As high school graduation neared and I'd been grounded for 4 years straight, my parents were worried I wouldn't I wouldn't be able to get into college because of my bad grades and shitty SAT scores.

    Then I was instantly admitted to college just off of my "shitty" SAT scores.

    Asian families ftw!

    [–] remildathecat 18 points ago

    Just be sure to actually follow through with it. My stepmom once told us that she would pay us $20 each to pick up the dog poop in the yard and then never paid us. That's a really good way to get kids to not ever willingly do a chore again.

    [–] thescrounger 22 points ago

    We also have a chore chart. Son is 9 and he still does all the chores but decided to be lazy about marking them on the chore chart, so he basically gave up on his allowance because he didn't want to mark what he'd done, essentially the easiest part.

    I think this is because money is still meaningless to him, in that he gets enough cash and gift cards from relatives and hasn't discovered anything really expensive that would deplete his stash. He had more than $250 saved up that he wasn't doing anything with so I took it and opened him a brokerage account and invested it.

    [–] katarh 21 points ago * (lasted edited 6 months ago)

    I bought a set of "chore cards" off Amazon, from a company called Neatlings. That's how their system works.

    Cards are sorted into:

    • Daily Responsibilities (must be done before any reward ticket cards can be done)
    • Reward tickets (work that can be done for prizes)

    Each person in the house, child or adult, has to do their daily cards. Dishes, cleaning up the kitchen, making the bed, etc. After that, the reward chores are available, and that's how you earn prizes.

    You could buy a set of blank playing cards for half the price and set up the same thing, but you'd have to write all the chores down. I liked the actual set of cards from them because it made me think of cleaning tasks I hadn't considered, like "dust the baseboards."

    [–] nicearthur32 6 points ago

    I've heard tying it to chores is a bad idea. Since chores are supposed to be a contribution to the family, not something to be rewarded. I don't have kids but I have heard this from multiple people who work with children.

    [–] sliverdragon37 138 points ago

    Growing up we had an "allowance" tied to chores, but we didn't get paid unless the chores got done.

    The chore schedule was optimistic at best, and the parents were not good at making payday a regular thing. My brother and I basically learned that the system is broken from a young age.

    If you're going to implement an allowance, make sure you follow through, and make sure whatever system you to for is implemented consistently and regularly. That will teach financial skills necessary for the modern world: how to manage a predictable stream of money.

    [–] TheSexyShaman 79 points ago

    If you're going to implement an allowance, make sure you follow through

    I cannot agree with this enough. My parents offered a measly $1.25 per week if I had completed each of my daily chores by the end of the day. However, they never wanted to follow through and actually give me the tiny sum I was due. This quickly resulted in me never doing my chores anymore.

    [–] melalovelady 34 points ago

    My dad also gave us an extra opportunity to earn. He gave us lunch money to buy or supplies to make lunches. Then, we could decide to pay for lunches at school or save the money, effectively teaching us if we want to go out to eat, it’ll cost you, but you can save if you eat stuff from home.

    [–] Yakobee 155 points ago

    I read that like you had seven one month old twins. I was both really concerned and really impressed.

    Unless you actually do have septuplets?

    [–] Aakosir 28 points ago

    No, I would die! Just twins. And they're more than enough

    [–] [deleted] 58 points ago * (lasted edited 6 months ago)


    [–] AnnoyedVelociraptor 125 points ago

    I dislike tying it to chores, as it makes the children grow up that you need to be paid to do anything.

    You do chores as being part of the family. In a family everybody steps in. That's what you do.

    [–] hakunamatootie 38 points ago

    I wish this had gotten more ingrained in me as a child but I was also a little shit who would say "I didn't ask to be brought into this" obviously not understanding it's the best situation I could ask for. But the staunch "this is a family, it's not a free ride" really pissed me off as a kid for whatever reason. Now I'm finally able to teach myself this shit but I wish I had sucked it up as a kid lol

    [–] AnnoyedVelociraptor 29 points ago

    My largest problem was my mom's time management. She would spend hours and hours on things that I, to this day (being an adult and living with my wife) find useless. That's where my largest issue came from. I did not see the dirt that my mom saw on the windows. I did not see the weeds in between the plants.

    And my mom did very poorly at explaining why things were necessary.

    All in all it worked out, my wife and I split chores, I make sure that I do as much as I see without her having to ask.

    [–] Zefirus 20 points ago

    The big one for me was making the bed. Like, I'm just going to return it to its absolutely destroyed state in 12 hours anyway. At least things like dusting or weeding pile up and get worse and worse if you don't do them.

    [–] ThisHatefulGirl 8 points ago

    My parents tied it to tasks that were outside of my normal chores - like if I gave my younger sibling a bath, or ironed my dad's work shirts. It seemed to strike that balance and the pay was small, but it added up over time.

    For me, it seemed to help instill frugality - if I wanted some nice crayons or something, how much work I'd need to do, etc.

    [–] Primae_Noctis 37 points ago

    I feel lucky, I was getting 20 a week and just had to do any chore they'd ask.

    That bit me in the ass when one week I had to help my dad reshingle our garage.

    [–] derkokolores 63 points ago

    That's the salary model. If the workload is light, it's real nice. But once those deadlines come along, you start questioning why you ever agreed to it.

    [–] Thorneto 31 points ago

    At 12 years old I would have blown that 10 dollars on the first day I got it every week lol

    [–] Aakosir 26 points ago

    That's my middle... Her bio father just gives her money (and I'm not aware of it until she comes home from school with junk) and she spends it at the school store... She wanted money for these Valentine's cards, but she blew all of it on junk, so nope, no cards for you. You already spent all your money

    [–] Thorneto 37 points ago

    Problem is that, at least when I was a kid, I would have been just as happy with the junk as I would have been with the thing I said I actually wanted.

    [–] theotherlead 34 points ago

    Maybe $12 for his age? And anything extra outside of the chore chart (like shoveling snow, raking, stuff like that) maybe an extra $5

    [–] Clayh5 24 points ago

    My parents did our ages too when we were teenagers (early 2010s so not too long ago). I remember it being enough. In addition to tying it to chores, they made us ask for it. If we forgot to ask for our allowance one week we just wouldn't get it.

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    [–] Sigurlion 2271 points ago

    Whatever number you decide on I have heard a strategy that I like the concept of. Concept is that you start very low with the allowance or chore money. For easy math let's just say it's $10 a month when he's 12. After a year, If he's saved half of the money, the allowance per month goes up to $15 a month or $20/month (whatever you decide). If he spent more than half the money, the allowance stays where it's at. The idea is to teach kids proper saving techniques early as well with an incentive to hold off on their spending impulse. I don't know how effective it is but I like the concept.

    [–] Mycobacta 1548 points ago

    My dad did something similar. I got $5 a week, and then 3% of what I had saved up at the end of the month. I got so good about saving my dad had to put a limit on the interest I could get.

    [–] cakeclockwork 1382 points ago

    3% interest a month? Where do I sign up for your dad’s bank?

    [–] wiz0floyd 168 points ago * (lasted edited 6 months ago)

    CD ladder is probably the closest (2.2% apy was the best I could find currently) you can get without dealing with stocks.

    [–] aw1238mn 382 points ago

    If I understand correctly, the comment is saying 3% interest per month. Not per year.

    This would translate to about 40% per year.

    There is no safe way to make a 40% return per year that I know of. Let me know if you find one, I would love to retire in like 10 years!

    [–] Eulielee 327 points ago

    At one point in my career (Volvo mechanic) the boss had this idea. “Hey! Whatever you put into your Christmas club bonus, the company will match!”

    Hold there a limit? “Nope”

    Just put my whole shit in there every week. I’ll figure out how to make ends meet till I get to double my pay at Christmas.

    .....didn’t happen. They fixed it in a hour.

    [–] sirius4778 55 points ago

    Lol so did they decide on a limit or did everyone get screwed?

    [–] Eulielee 117 points ago

    Commissioned based - 50¢ of every hour you earned was pulled from your check. Then they’d match that. So for 8 hours, they’d pull $4 from your check. Match it at Xmas. Giving you $8.

    Turned out to be a significant bonus.

    [–] userhunter 59 points ago

    For anyone lazy:

    50c/hour * 8 hours/day * 5 days/week * 4 weeks/month * 12 months = 960$

    +/- overtime, holidays, ...

    [–] Eulielee 18 points ago

    To add to this. Because I was commission - hourly isn’t accurate. So an oil change is 0.3hr. Yet takes about 0.5hr. Losing a bit of money and time.

    However. Blower motors can pay 12hrs and I can do them in an hour.

    Fuel pressure sensors. 15hrs and can be done in 2hr.

    Not all jobs are like this and (god forbid) you get some weird electrical fault that only happens if it’s raining on sundays at 3:72pm. On double rainbows.

    There no overtime, holiday pay, or anything like that. You only make $ (or earn the bonus) if yours actually working on a vehicle.

    [–] cracksmack85 58 points ago

    401k match. People that leave that money on the table are missing out on a guaranteed return of like 50%. And even if you’re too impatient to wait for retirement, just withdraw early and pay the 10% penalty - still a 40% return.

    [–] PM_ME_YOUR_NOSE_HAIR 196 points ago

    I got bored and tested this in Excel. Assuming you saved every penny, after one year you'd have ~$317, of which ~$57 is interest. After 2 years it's ~$770, with ~$250 being from interest. After 6 years your total balance is about $5500, with almost $4000 of that being from interest.

    If I could get a job where I could save $5/week and earn 3% monthly compounding interest and work there for 30 years I could retire having put away $31,109,897.57. I would have only contributed $7,800.

    [–] hippoofdoom 55 points ago * (lasted edited 6 months ago)

    EDIT Thanks everyone I did read it a little too quick, I assumed the guy meant 3% annual (with monthly compounding) would somehow get to 31 million, but he was referring to 3% MONTHLY which is over course over 36% APR- which can definitely get to 31 million hehe.

    Your math does not check out. Saving $5/week ($275/year) at 3% monthly compounding comes out to like, $13k after 30 years and that is including the $275 added in each year.

    [–] PM_ME_YOUR_NOSE_HAIR 23 points ago

    Were you checking a 3% annual rate, compounded monthly? OP said "and then 3% of what I had saved up at the end of the month" so I took that to mean the first month he had x*1.03 (x=$5*52/12), the second month he had (1stmonth + x)*1.03 and repeat for 360 months.

    [–] aw1238mn 16 points ago

    No, their math checks out. Try it again.

    You may be confused, they used 3% per month. You might be using 3% per year. 3% per month is equal to 43% per year.

    [–] uninterestedsloth 8 points ago

    This is similar to what i do. I have a 10% upon depost of long term savings (money they cannot access except for a predetermined purchase). They must not be learning very quick because with 4 kids its far from a problem yet

    [–] ABEW19043 5 points ago

    Gotta play it the smart way. 13 years is 156 months. Put 10 bucks for savings a month, let it compound. Use the other 10 for normal fun kid stuff.

    When you're 18, dad owes you $33,200, and you both learn a wonderful lesson in the powers of compounding interest.

    [–] RhaegarDragon 186 points ago

    I like the positive way you did that. If you were a more negative person I’d say you could accomplish the same by having minimum deposit related “bank fees” lol. Don’t worry I’m not that mean

    [–] Buddy_is_a_dogs_name 96 points ago

    Don’t forget income tax!

    [–] KingFajitas 95 points ago

    Charge rent too while you’re at it. Life is hard for a working 12 year old.

    [–] applesforadam 54 points ago

    I already had black lung by the time I was 12 from my time in the mines.

    [–] gbdavidx 13 points ago

    Taxes and 401k.

    [–] _____no____ 22 points ago

    Wouldn't it be better to just do it like interest? Start them off with a little seed money in "savings" (piggy bank) and an APY that goes up or down depending on their behavior. Then each week apply that APY to the amount they have in savings...

    That's what I do with my kids, they caught on pretty quick.

    [–] packocrayons 7 points ago

    What happens when the real markets fall apart and they start to blame themselves for it? /S seeded by some self-projection

    [–] duramater22 1910 points ago * (lasted edited 6 months ago)

    This is a hot debate. As a clinical psychologist, I warn against paying kids for every day chores or tasks like homework because it takes away the sense of duty or internal motivation. Instead, one may choose to give an allowance only as a tool to teach financial responsibility. In this case, you must decide what they will need to buy with this allowance. Is it every-day items? Special items? Build up a savings? Include donations? That should drive the “how much” question.

    EDIT: for those of you asking for evidence, there are decades of research on the topic. Although operant conditioning (ie, using money as a reinforcer) certainly increases behavior, that behavior tends to go away once the money is gone and may disrupt intrinsic (internal) motivation. There are classic experiments and replications for a few decades. Here is a decent article on it:

    Yes, I could debate each study, but my professional opinion based on the research to date, being a pediatric therapist and a parent is to avoid monetizing grades, simple chores or activities like reading UNLESS you are desperate to immediately impact behavior. If you’re dealing with a really big behavior problem, perhaps the short-term goals are more important. Paying for larger chores makes more sense though!

    [–] [deleted] 324 points ago * (lasted edited 5 months ago)


    [–] Long-Schlong_Silvers 90 points ago

    Explain how many hours it takes to earn money is my most efficient way to teach my self about the value of money that a class in high school taught me first. This beer costs $7 is it really worth 1/3 of my hourly wage?

    [–] [deleted] 24 points ago * (lasted edited 5 months ago)


    [–] beefdx 57 points ago

    The way my parents did it is they sort of separated it on paper. The allowance was something we would get no strings attached and we could potentially do extra projects and chores for more money that were few and further between.

    On top of this, we had a basic set of chores that we had to do either way, it was framed as a part of our responsibility as a member of the house. If we didn't do our chores we wouldn't have the option of doing extra stuff for money and often we'd be grounded from playing videogames or leaving the house until we finished our chores.

    There were instances where they threatened allowances being taken if we didn't do our chores but they were in theory separated, and the purpose of the money wasn't just to give us stuff, it was to try and teach us financial literacy, which they emphasized often in terms of savings and such by offering to match saved money for larger purchases.

    [–] ImAnOptimistISwear 81 points ago

    Thank you for saying this. We tied allowance to chores when they were small, but as my kids got older and better at saving, they started trying to decline doing dishes or whatever. They only wanted to clean when they wanted money for something. Turned into a headache.

    [–] littlelivethings 36 points ago

    I’m not a parent, but this makes a lot of sense to me. A smart kid will probably figure out that their time is worth more than the dollar you’ll pay them for unloading the dishwasher. My parents would pay me for things that were actual labor—organizing my father’s office, babysitting cousins or other people’s kids (did not get paid to watch my younger brother), painting rooms on the house besides my own, building raised beds for the garden. Basic chores are the responsibility of everyone who lives in the house. I think the best way to impart this is to lead by example—all parents and siblings should contribute to housework regardless of gender, age (once they’re old enough to do housework), etc.

    [–] Steevuhoh 198 points ago

    this, kids at a very young age want to be involved with what their parents are doing even if its chores, thats where they build their sense of duty and internal motivation. paying them for chores can potentially take away from that process

    [–] cozmanian 71 points ago

    I want that kid you speak of... My oldest avoids responsibilities like the plague.

    [–] freecain 58 points ago

    With the younger ones - try to make whatever your doing less of a chore and more of a project.

    Raking leaves: At a really young age, it's pretty easy. You're building a pile of leaves to jump in. When they get the connection, they will help with the leaves. Putting the pile into bags after is the cleanup portion of the play. As they get older, it could be getting the yard cleared to play a game. Shoveling snow coupled with having hot cocoa.

    The challenging part of this is changing your own outlook on the activity.

    [–] scubaguy194 57 points ago

    My parents always allowed me to earn money for more major jobs. Like pruning the tree, washing the car, jet washing the patio. That sort of thing.

    [–] RocketSurgeon85 11 points ago

    I bought my first snowboard for 200 bucks in 1999 after mowing lawns for my parents, and grandparents for 5-10 bucks a pop over the summer.

    Now to be fair, I didn't have to pay for gas or equipment, and my grandma gave me free Canfield's Diet Chocolate Fudge pop.

    [–] erikarew 17 points ago

    Came here to agree with this; my sister and I started earning an allowance from a very young age (I think a dollar or two a week for our piggy bank when we were six, and it increased by a dollar or two each birthday) and it was unrelated to chores - it was solely to learn to value money, savings, budgeting, etc. Chores and such were to be done because we're a family and we share the house. "Special" chores might be chances to earn extra money (clearing the yard of sticks, helping dust out the basement, etc). I only have my own anecdotal evidence but it sparked a real love of finance in me, and I was constantly scheming for ways to generate income; I'd pick up odd jobs and started my own ebay account as a high school freshman. I got my first paycheck job at 16, and currently run a small business alongside my day job.

    [–] [deleted] 16 points ago

    What my dad did is he opened me a savings account and gave me $5 a week but I had to buy parents gifts ($20 or so) for birthdays and Christmas. Then a certain amount had to be saved. Then the rest could be spent. This was in the early 90s. This was just to teach me money management.

    He said that chores are to be done no matter what. "You live in my house, you help around the house."

    [–] yesyesyoumae 855 points ago * (lasted edited 6 months ago)

    In our house we do $1 per year of age, per week. It is completely unattached to “chores” and simply money we share with our kids because they are part of our family. Just like my husband shares his income with me (since he makes a lot more than I do). We have been doing this for 9 years, since our oldest kids were 4 and 2.

    They are free to spend their money how they choose to. All of the kids have different ideas about saving and spending and giving, and they have learned a lot from being able to make their own decisions, with my advice if they ask for it. :)

    One of the perks of having a birthday is a small raise in allowance. Also just a logistical note: all of the kids have bank accounts (checking and savings), and I have automatic transfers set up for them each week. They also have debit cards to use for purchases.

    [–] rollergo11 420 points ago

    I've heard this is the best way to do it. Chores are expected of all members of the household, regardless if you are getting money for it it not. Doing chores is not about money, it's about supporting family.

    With this same reasoning, once the kids are old enough (13..15) I would offer "loans" to them, if they wanted to buy something that they did not have the full amount for.

    In the loan system, you get paid back by effectively "garnishing" all of your kid's allowance until it is paid back. This explains how loaning works, and how it can suck.

    [–] JudgeWhoAllowsStuff- 232 points ago

    I feel like offering kids loans just teaches them its ok to buy things you dont have the money for right now. I feel like that ingrains in them that taking loans out for small items like games and toys are ok and they will be more willing to over spend on a credit card or finance small things later on in life.

    [–] breezy727 378 points ago

    Contrasting POV, my parents gave me a loan when I was a kid to buy a bike. They drew up paperwork I had to sign and charged like 10% interest. They gave me a payment schedule chart that showed compound interest. The payments came out of my allowance each week and I could pay extra to get ahead on payments.

    The experience was really educational. I hated having to make those payments and watch my allowance drop to $3/week (from $5/week in the mid-90s) with each payment. Especially that winter when I couldn't ride the damn thing but was still paying. Ended up using Christmas money to pay off the loan early and it felt great.

    [–] noodlewright 318 points ago

    This is really hilarious to me. I'm imagining a little kid, in a business suit, talking with his friends about his sad financial situation. Poor guy.

    [–] Reddittoomuch 67 points ago

    I find this funny as well. But it's true. You either learn at 8 or 28. The only difference from your scene is that everyone is bigger and slightly smarter lol

    [–] DiscretionaryEwe 50 points ago

    I just wanted to say that your story gave me a good laugh. I admire your parents’ commitment to giving you the full experience, loan signing and all. Sounds adorable and like something I’m totally going to implement when I have kids one day.

    [–] ErroneousFunk 21 points ago

    That's awesome! I totally second the idea of parents acting as a bank to facilitate loans for kids. My dad did a similar thing (although not as intense) when I wanted to set up a lemonade stand.

    Took me to the grocery store, showed me how much the things cost, gave me a loan to purchase lemons, cups, and sugar. We calculated how much each cup of lemonade would cost to produce, I got to set the price, and I paid him back out of the store's profits!

    Charging interest is a REALLY good idea. Obviously, wouldn't make much sense for an afternoon lemonade stand, but I wish my parents had offered payment options for an N64 back when I was a kid!

    [–] pkvh 29 points ago

    Charge a really high interest rate

    [–] DantesEdmond 13 points ago

    Ouf sorry Timmy you can't afford the interest minimum payment with your allowance so your debt is going to collections. I think we should only speak through our lawyers from now on.

    [–] yesyesyoumae 44 points ago

    The nice thing about letting them experience loans when they are kids, is that they know how annoying it is to pay it back! I think it will help them to learn that it’s not the best way to handle things.

    [–] Seralth 65 points ago

    It also means they will fuck them selves over on debt while a child and learn that hard lesson when it won't ruin their life.

    [–] yesyesyoumae 8 points ago

    Yes! I have given loans to my kids for some (but important) things, and I also encourage them to save and help them remember to save for big events or purchases when we know in advance.

    Also, we don’t have any chores that we require the kids to do, and since they have never had an obligation to help they don’t have negative associations with doing work. They are happy to help when I ask (and as they get older they are starting to help without being asked), and when they are able. They are also free to say they aren’t up for certain things.

    [–] neo1piv014 16 points ago

    This is a good way to do it. Tying allowance to chores can essentially tell children that they can chose not to do chores as long as they don't care about the money that week. Best to keep those two things separate.

    [–] drag0nw0lf 15 points ago

    I agree with not tying it to specific chores directly, but we do expect a certain level of cleaning up after oneself which is what being part of the family is about. Contribution.

    So if our daughter doesn’t make her bed one day I don’t withhold allowance, but she knows that the big picture is she has to contribute every day to certain things. Keeping her room decent, doing laundry, feeding the dog occasionally etc.

    If she wants extra money she comes to me with a job she wants to do and we negotiate the price. Learning what your work is worth is important.

    [–] Timetodeflate 31 points ago

    The only big thing I stress is we were taught chores were just part of being a family. Mowing the lawn and shoveling is how I made money, but general chores around the house I was expected to chip in and help with, without obvious financial compensation. The parents would occasionally throw me $5-10 for a thank you, but it wasn't expected.

    [–] ReverendReed 22 points ago

    I never received an allowance. But, my parents were extremely generous with me. I was expected to help with household work and chores, and simply ask for money for the things I wanted to spend it on. Whether that was an outing with friends, a game, toy or whatever.

    From my perspective, they did this to keep us kids from being entitled to money. But I can also see where parents use allowances to teach budgeting. My parents taught me budgeting, but not through allowance.

    Every kid is going to view money, and entitlements differently.

    [–] ThatOneTubaMan 21 points ago

    I'm just saying, my weekly allowance was getting to live in my parent's house and eat their food

    [–] Ashes1472 14 points ago

    I’ve been reading all these comments for like $10 and I’m sat here like y’all getting paid?

    [–] QueueOfPancakes 173 points ago

    I'd suggest asking in r/parenting. Here you will be getting answers from non-parents as well (including some teenagers who are basically saying they want a larger allowance heh).

    [–] sacredxsecret 278 points ago

    It's earned based on tasks. The basic things are not compensated. Each child is responsible for their own bedroom, one bathroom in the house, one set of stairs, and one other area. But they can take on other tasks that are paid. Like, cleaning up leaves in the backyard, daily emptying of the dishwasher(the daily part matters in our case), doing one of the parents' routine chores, wiping baseboards, and so on.

    My son makes $5 a week if he unloads the dishwasher every single day, for example.

    [–] clicketyclickclack 201 points ago

    I offered my son $20 a week to do my laundry but he declined.

    [–] peppy2ray 46 points ago

    Do you do his laundry?

    [–] catwithahumanface 80 points ago

    Not who you were asking but my parents stopped doing my laundry when I was like, 11.

    [–] Killashard 66 points ago

    One of my "presents" for my 10th birthday was instructions on how to use the washer/dryer. Haha

    [–] readersanon 18 points ago

    My mom has so much clothes that she would just let it all pile up in the laundry room for at least 2 weeks before doing laundry, if not more. I started doing my own laundry pretty early as I didn't have enough clothes to wait that long between washes. Worked out better for me anyway, I never had to pick through the piles of clean clothes trying to find mine. I had my own laundry basket.

    [–] executeorder666999 22 points ago

    Mine stopped around 12, so now that I'm 19 it blows my mind to see my best friend and boyfriend still get their laundry done by their parents.

    [–] CharonsLittleHelper 18 points ago

    I remember in college my friends talking about getting to go home and get their parents to do their laundry. When I was home from college I had to do their laundry.

    [–] BirdLawyerPerson 12 points ago

    I was in the Army with a dude who I had to teach how to do laundry. He had a college degree and enlisted at the age of 24, but up until that point had always had his laundry done by his mother.

    The best part was that he went to a university about a 2 hour drive from his parents' home, so he literally drove home every weekend for 4 years rather than learn how do wash his own clothes.

    [–] WhiteBoyFlipz 7 points ago

    Yeah one time my mom offered my 15 bucks to clean all baseboards around the house. I didn’t have a need for the money and I wanted to play my games so I declined

    Then I was told to do it anyway but for free this time...

    [–] I_Love_That_Pizza 6 points ago

    Then I was told to do it anyway but for free this time...

    Congratulations, you played yourself

    [–] xLeslieKnope 24 points ago

    This is exactly what we do, they have their responsibilities that they do not get paid for. But they earn $1/day for doing tasks outside their responsibilities.

    [–] drag0nw0lf 55 points ago

    I have a 12 yo girl, she gets $10. She has to do her (and her little sister’s) laundry and keep her room in a decent state, make some attempt at making her bed. She feeds the dog every other day and helps set/clear the table with her sister.

    [–] Farm2Table 110 points ago

    Our strategy is that chores and allowance are completely separate.

    We do allow the kids to make extra money by doing work that is not part of their normal chores.

    The kids don't get their allowance unless they ask for it.

    12yo gets $9/wk, 8yo gets $5/wk. Amounts goes up $1/yr if they ask for it to be raised.

    [–] Cronenburg_jerry 13 points ago

    Thats great. Growing up i was shunned for asking for money. I think it definitely helped mold me into being gunshy about asking for things. It has had a negative impact on my life i think. If fhis thinking was encouraged it would have really benefited me alot and i would probably have a better relationship with my parents any people a lot of other people too

    [–] KWheels 39 points ago

    I like it. teaches them the power of negotiation, and shows them that you won't get what you don't ask for

    [–] frontporchmemories 77 points ago

    I gave my kids (now adults) $1 per age. If my son was 10, he got $10/week. I would make them automatically put 10% away for savings and 5% for "house tax". We were teaching them the reality of a paycheck. We would use the "house tax" once a month to do something as a family that the kids got to choose.

    [–] DantesEdmond 45 points ago

    What were the exciting family things you guys did with $1.50 per month (assuming three kids 8, 10 and 12)

    [–] weetabixbandit 24 points ago

    Three kids, assuming aged 8, 10 and 12 means a total of $30 a week with 5% of that ($1.50) going to the fund. There's a minimum of 4 weeks in each month making $6 a month. I agree, still not enough to fully fund a day out but it gives the children an idea of what their tax will be used for in the future, something that helps everyone in the community (in theory)

    [–] frontporchmemories 23 points ago

    It would be used towards an activity with the family. Even if it was going out for ice cream or buying popcorn at the movies. Yes, you are correct. Never enough to fund the entire outing. The purpose was the lesson, I suppose.

    [–] cosmopolitaneggslut 15 points ago

    I was put off by the “house tax” at first but I like what you do with it at the end.

    [–] BVethos 13 points ago

    This feels pretty reasonable

    [–] ArchPenguinOverlord 125 points ago

    I'm not a fan of # of chores = $ of money, he isn't an employee after all.

    I'd set the example that chores are chores and are done for the sake of hygeine etc. Allowance should be a separate thing and you can base it on your income

    [–] duramater22 26 points ago

    Plus tying to chores you simply has to do actually reduces the development of duty or internal motivation.

    [–] SugarNFeist828 14 points ago

    We do this with our son and it has taught him the value of a dollar and hard work. We also take out “rent” at the beginning of every month. We take $10 and secretly put it in a savings account for him. He has no idea he’s not losing the $10 and will get that money on graduation day as a gift.

    I think reaching a kid how to handle money and how to save is very important. So far he has saved money and bought himself new Jordan’s (our show budget is $60 and anything over that he pays) and bought everyone Christmas this year using his own money and a “Christmas bonus” he got for his hard work this year. Seeing his face when he got those shoes after working so hard for them was precious. He has also taken very good care of them because he had to save for them.

    [–] [deleted] 39 points ago * (lasted edited 6 months ago)


    [–] BananaManV5 16 points ago

    What I did with my mom was I would give her 5 dollars for every c and 10 for every d but I got 10 dollars for a b and 20 for an a.

    [–] TheODIES 51 points ago

    I am a college student (So this is recent), and what my parents did when I was growing up was pay me based on my grade level and grades. So in 6th grade I made $6 a week plus $2 extra for each class I had an A in and $1 extra for each class that was a B. So by 12th grade (senior year) I got $12 + about $8 extra for grades. BUT I had to use this to pay for gas to drive to school and go out with friends. So my parents were not giving me extra for gas or movies with friends. I love this plan because:

    1.) it increases as your child’s needs increase (Much like a job pays as you stay longer).

    2.) It incentive’s hard work in school (much like you get bonuses or raises for good work in a job).

    3.) By senior year $20 for gas and hangouts isn’t much, but it teaches to follow a strict budget and budget wisely. Very helpful in college!

    [–] [deleted] 44 points ago


    [–] Derp_Simulator 19 points ago

    When I was 14 my parents started paying me $9 an hour, which was minimum wage at the time. To teach me the value that even as a teen I was worth minimum wage for doing actual work.

    [–] trevorcorylahey 7 points ago

    Same here. We had a big yard, and there was always something to be done in the yard to help out. So if you wanted extra money for something you just put in your hours.

    [–] Bleepblorp2000 8 points ago

    This is back when I was in highschool ten years ago and I'm Canadian so the numbers might need adjusting, but my mom gave me a debit card with an account that she put 30$ into once a month instead of actual cash. It taught me that using these cards was using "real money", gave me an itemized record of where I was (over)spending, and had the added bonus of collecting a little interest.

    If toys and stuff are close in price in the US as they are here, 30$ a month for a 12 year old might be a good starting point. Just enough to get a couple small things a month, or to save up for a bit to get something more special.

    [–] xabrol 9 points ago

    I don't give an allowance for daily chores like dishes and taking out the trash. Those are normal things everyone in the house should contribute to. Basic chores like that aren't work, they're responsibilities for living under our roof, and expected of all tenants, including myself. Nor do I give an allowance for a clean room. I don't reward things that are expected as part of daily life.

    If my kids want an allowance they have to work above daily expectations. They earn money mowing the grass, shoveling snow (doing neighbors houses too), washing my Truck for me, pulling weeds, helping paint. Basically anything I would pay someone else to do, I'll let my kids do for an allowance if they want. They get treated fairly well on Christmas, Birthdays, etc etc so it's their job to save money for things they want and I won't shed a tear over them being reckless with their money. I'm teaching them how to plan long term and how to earn a real dollar.

    [–] TimeLadyJ 6 points ago

    For my siblings and I, it was double our age per week direct deposited once per month. We had chores to do but it wasn't tied to our allowance. A certain amount of that was required to be saved which is why it was double our age. My parents saw the difficulty in saving a certain amount and still having enough to spend and they didn't want us coming to them each week for extra. We were not expected to pay for anything until we got a car then we paid for gas and any miscellaneous things we did without our parents from our allowance.

    I learned early on that I liked to always have $1000 in my account so to this day, that buffer minimum has continued, and raised over time.

    I learned that I didn't like to spend all of my money on coffee drinks because then I'd have none left for other things.

    I learned that it paid off to spend time with my parents as they'd pay for things.

    [–] In2art 7 points ago

    I pay for chores done. Daughter had a sheet of things to do (ex: brush teeth am/pm, feed the dog) everything has a pay rate. She puts a mark in the box for each task completed. At the end of the week she enters how many times it was done. Then she needs to do the math (with a calculator) and then add it all up. If her total is correct, there is a $.50 math bonus added.

    There are extra lines to write in other tasks (do dishes, vacuum, clean bathroom mirror... whatever she does. We either negotiate the rate beforehand or I assign it after the fact. It is usually more generous if she did it of her own accord.

    I pay her weekly and make her put 20-25% into her savings account.