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How Much to Pay Kids For Allowance

How Much Do You Give Your Kids For Allowance?

Once your kids reach a certain age — typically around 7 or 8 — the decision of whether or not to put them on the household "payroll" becomes a hot topic of conversation among parents. If your children are of the allowance-earning age, it may (or may not) surprise you that 61 percent of kids in the US are receiving an average of $16 per week, according to the financial planning site Mint.com. The site's report is based upon a 2012 survey by the American Institute of Certified Public Accountants (AICPA).

Once you've made the decision to give your kids some Benjamins (or, more likely, Georges), there's the all-important decision of determining an appropriate amount. One method parents use is to match their child's age — so an 8-year-old would get $8 per week; a 15-year-old would receive $15 per week, and so on.

In terms of the correlation between tying an allowance to chores, 89 percent of parents surveyed believe that kids should put in at least an hour's worth of work to earn their pay. But the argument against tying household chores to a salary? Household chores are simply a part of being a member of the family. Mom and dad don't get paid for them, and neither should the kids.

What's your input on the great allowance debate? Vote in our poll, and share your comments below!

Image Source: Thinkstock
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JanelleMcMurray JanelleMcMurray 2 years
We give our kids their age per month, not per week. We agree with the part of the article that says that kids should not get paid to work in the home, rather do it because they are members of the family with responsibilities. We have decided however to give them an allowance so they learn to save, give to others and have some spending money each month. We feel it is important to learn how to manage money starting at a young age. It works well for us and I believe everyone has to find a system (or not) that works for them.
Desi15018800 Desi15018800 2 years
HA! I never received an allowance and neither will my kids. That's the STUPIDEST thing in the world. If the kid wants something they need to EARN IT. Doing daily chores is NOT about getting paid. It's about learning responsibility. You don't get paid. You wanna get paid go find a job to do. Weather it's mowing the lawn or helping a neighbor out with other various WORK. The chores you do in my home do not earn you money. If somebody else wants to give them money in return for their assistance that's different.
KeriRozansky KeriRozansky 2 years
We follow the Dave Ramsey philosphy when it comes to our 6-year-old son's allowance. He earns it by doing chores, then he splits his money between saving, giving, and spending (that's the Dave Ramsey portion). His chores are split into 4 categories - Taking Care of Myself, Taking Care of My Bedroom, Helping Around the House, and "Other" Chores I Need to Do (basically things that don't fall into one of the categories.) He get $1/category if all the chores in that category are completed that week. He gets credit for doing it if it didn't need to be done that day. He then has a chance to earn "bonus money" ($1/extra chore) if he does things that aren't on the list. We are also teaching him to set spending/saving goals. If he wants a new video game that costs $40, he needs to save at least the $40 purchase price (and we help him with tax if he needs it). It's been a good system so far :-)
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