I was going through some financial files today when I ran across the checklist I used to record when I gave our kids their monthly allowance. If you ask them, they will tell you that it wasn't really monthly because I would usually forget to give it to them until they reminded me about it every couple of months or so.Our kids are adults now, but back in the day when we felt it necessary to give them allowances the obvious question was: How much should we give them?
Somewhere along the way I read or heard about this formula. It worked for us, maybe it will work for you.
5 cents per day X age X 30 days = monthly allowance
In other words, we paid each child a nickel a day (just for breathing air!) times their age. So if the child is 10 years old, he gets 50 cents per day.
.05 X 10 = 50 cents
Then multiply .50 X 30 days = $15 per month
They get a raise on their birthdays. When they turn 11 the monthly figure becomes $16.50 per month.
.05 X 11 = 55 cents X 30 days = $16.50 per month
Of course, you can plug in any number you want in place of the daily nickel. Your kid may be worth 10 cents a day X their age. If that's the case, then you'll give your 10 year-old $30 per month.
It worked for us! See what you think.
3 comments:
I guess I'm a bad parent. I gave my kids a few dollars a week - $4 once they turned 10. Even my college student only got $10 a week.
All three, however, work. They are 6, 19 and 22. The 6-year-old takes care of feeding farm animals on weekends, and loves it.
The formula seems fair. I am just glad that they feel like working. Of course we have helped them on some big issues like tuition and cars. We gave them each %500 for their first cars.
Gene, what should my allowance be for simply gracing you with my presence a couple of times a week?
I'll have my wife give you leftover cookies.
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