*UPDATED* Works For Me: On-line Allowance

It has taken nearly a decade, but we have finally come up with a satisfactory way to pay our kids their allowance.

For years, I went to the bank occasionally to stock up on dollar bills.  I doled out allowance weekly to my little natives, until I would run out of cash, and then I would make myself a note to go back to the bank, and the note would get buried in my car.

It never worked, and I ended up being pretty inconsistent about paying them.  Rule #831 of parenting:  keep it simple.

Several months ago, my Hubs had a brainstorm.  The kids already each had their own savings account (separate from college money).  We synched it up all on-line, together with our checking account.  Now when we log in to our banking accounts, we see our checking account listed with each of our kids’ savings account listed below.  We can easily do a transfer from our account to theirs (as they stand by and watch) with a click of the mouse.

No cash.  No trips to the bank.

At first, I worried that not having their little hands on cold, hard cash would somehow make them less aware of the value of a dollar.  Actually, the opposite has happened.

You and I both know that money you can’t physically see is the money that it’s the easiest to spend (hello, Great American Credit Card Crisis).  By paying my kids this way, they’re seeing that money has value even when you’re not holding the currency in your hand.  And they’re seeing it under our close supervision, which will, hopefully, teach them to be savvy consumers someday.  Paying them directly into their savings accounts (again, with them standing right next to us watching the transactions and the balances) has encouraged them to save.  They’re learning that there’s some great satisfaction in watching their little nest eggs grow.

As for the amount?  Right now, we take their age, divide it in half, and that’s their weekly amount.  For example, my ten year old gets $5/week.

On-line allowance works for our family (and it’s one more example of how woefully dependent we are on the internet.  If there’s ever a world-wide web crash, I’m toast.)

*UPDATED*  I forgot to mention how we do withdrawals when there is something the kids want to buy.  Generally, I just pay for it myself, and then (with them watching) I get on-line and transfer money from their account to mine.  Very easy.

I’ll post our chore lists for next week’s WFMW.

Have a WFMW tip you’d like to share?  Leave your link below.  First-timers, please read through the guidelines.

Was your link deleted?  Click here.


1. The Diaper Diaries (setting a table)
2. Land of Lovings -Finding Money
3. Mandi (Pantry Organization)
4. Alana (Blogger in Draft)
5. MG (Container / Annuals Planting Ideas
6. TongguMomma (Distract Nosy Neighbors)
7. Shirley (How To Turn One Stick Of Butter Into Two)
8. Daiquiri (get picky kids to EAT)
9. Blue Castle (grilling potatoes)
10. Mrs. N (Easy Flossing)
11. Abrianna (Honey)
12. Jes @ Beauty From Chaos (rotating toys)
13. Laura @ Heavenly Homemakers (Great Story Telling!)
14. Shanda (Dealing with your child\’s anger)
15. Niki (organizing recipes)
16. Becky (Keeping Kids\’ Toothbrushes Clean)
17. Mrs Pear (Do what you can, then relax)
18. Digital Key Chains
19. We are THAT family (My Virtual Body)
20. Deb (new JVC camcorder)
21. Tara (Sweeps! for Entering Sweepstakes)
22. Memarie Lane (frugal tips)
23. Phyllis (growing things)
24. Kerri (purse tissues)
25. Elizabeth Sue (Keeping Kids Meds Together)
26. Nerd Family Food(Poppy Seed Dressing)
27. Ahorros y cupones (Baby Time)
28. Domestic Spaz (Secrets to a Happy Marriage)
29. chilihead (canvas art)
30. OrganicMania (Eco-friendlier fast food dining)
31. Nicol (cleaning the bathroom)
32. Nicole @ Life in Progress(Making Phonics Fun)
33. Mamacita (juicing for weight/health)
34. The Apron Queen (Cooking with Margaritas)
35. Sincerely Anna (Daily Routine Poster)
36. jen (old water bottles)
37. BundyMum (Awesome Marriage Tip)
38. IfOnlyIHadSuperPowers (Balance bike)
39. Life At The Circus (keeping the kids entertained)
40. Emily @ Little Home (daily shower cleaner)
41. Making Money Keeping Money(Free Famous Dave\’s)
42. Green Baby Guide (Cooking Dried Beans)
43. Kate @ A Simple Walk (bedtime routines)
44. Lisa-blessedwgrace(lullabies and blankets)
45. Lady Why (The Ultimate Stain Remover!)
46. Lori ~ Simple Life at Home (Mosquito Bite Cure)
47. Carol ~ My Favorite Mascara
48. Christa @ No End in Site (kids activity while you cook)
49. Aussie in America (Family Bank)
50. Alexandra( Big Savings on Contact Lens Solution and Cat Frontline Flea and Tick
51. sara l (dried beans hard water)
52. Smockity Frocks (Best Ironing Board Ever!)
53. Briggie (carpet cleaning tips)
54. Jane @ What About Mom? (Music Soothes the Savage)
55. Mavis (Save on White Erase boards)
56. Many Little Blessings (Using Outgrown Girls Dresses)
57. The Happy Housewife – Pizza
58. Amy @ By His Grace (Making a New Mom Happy)
59. Judy (Fluorescent Lighting)
60. Melanie@build wisely (heel care/kids\’ allowance)
61. The Pumkin Patch (Great Smelling House)
62. Activities Coordinator (history motivator)
63. ~Straight Shooter~ (Where\’s the cheapest gas near you?)
64. Jordan @ MamaBlogga (category blog feeds)
65. Lana(Vinegar the best cleaner ever
66. Need A Nap2 (flushable wipes not flushable)
67. Kim – Freezing Chicken Stock
68. Ann Kroeker (Crockpot Stock)
69. Annette @ More Lucy Than June (Cheap/Inexpensive Gifts At the Ready)
70. Mother Hen ( free printer)
71. Heidi (viral negativity)
72. Jen @ Daily Mish Mash (How to keep nail polish looking new)
73. Fiddledeedee (Shopping w/Children – tips & tricks)
74. Thrifty Jinxy (No-Knead Bread)
75. BRC Banter (Be a diva//goodbye tampons)
76. Liza\’s Eyeview (not blogging)
77. Tamara (KIDS SOAP)
78. Luanne (Stop A Cold In Its Tracks!)
79. Mrs Organic (Sensory Garden)
80. Stephanie @ KC Bryans (Mamasource)
81. Garibay Soup (BLOGGY GIVEAWAY!!! & A Nightly Tip that works for my mornings)
82. Tara@Not So Perfect (Laptop- Weight Loss)
83. Every Good and Perfect GIft (Magazine Clutter)
84. Photos
85. Linz (Eczema)
86. Stretch Mark Mama (Getting Kids To Eat Veggies # 5)
87. Forever Daisies – scrap paper storage
88. Cyndy (Everydayness)
89. Joy @ FiveJs (“Build-Your-Own” Math Curriculum)
90. Joy @ Joy Of Desserts (Jams, Curds, Butters, Etc.)
91. Michelle at Scribbit (child activitites)
92. Hestial (carpet stains)
93. Susan(ExerciseDVDRecommendations)
94. Duckabush Blog (Books for Boys)
95. Bonnie @ Simple Beauty (googorganizing)
96. Simple Mom (UnAmerican Way to Keep the House Clean)
97. Lee (everyday messages)
98. karla ~ LTH (setting fitness goals)
99. Amy Halleran (Save $600/Yr on Fresh Produce)
100. Tina in Thailand (refreshing drinks)
101. col @ gigablonde (healing depression :: being with the monster)
103. Melanie @ One La Costa Mom (Sun safety/Sunscreen)
104. margalit (Terlephone rules for teens)
105. alexsandra(gratitude grows)
106. Kristin @ The Goat (SASE\’s)
107. Amy Beth (The ULTIMATE Baby Shower Gift!)
108. Thinkingchair (fast playdough forest)
109. Mrs. Who (new products)
110. citystreams (flower bouquets)
111. Organising Queen (scheduling blog posts)
112. Mommin\’ It Up! (nursing sleep bra)
113. Michelle (Cloth Swim Diapers)
114. jennifer (activity flower for kids)
115. Laura (caring for flowers/plants)
116. Mama Looking Up (happy junk drawer)
117. Kristen (CVS This Week)
118. Candace (entertaining impatient toddler)
119. Hadias (Homemade French Toast Sticks w/pics)
120. Sam(antha) (pencil grip)
121. Hadias (Laundry Tips w/pics)
122. Debbie J (Gift Closet Ideas)
123. Beth/Mom2TwoVikings (frugal sidewalk paint)
124. Joy of Frugal Living (freezing sauce)
125. megret (flirty aprons)
126. *Donielle* (homemade tortillas)
127. The Not Quite Crunchy Parent ( Safest Cookware)
128. Elisa (Angel Food Ministries)
129. Linds @ This Abode (Organizing Mail)
130. Kim Priestap (Daily routine for new puppy)
131. Britni (Homemade Headboard)
132. Bahama Shores Mama
133. warillever (no excuses exercise)
134. emily (favorite cleaning weapon)
135. Christine (naptime book basket)
136. GettysburgMom- Saying Grace
137. Trixie @ Farmhomelife (household economy)
138. Sheila ~ To Love, Honor and Vacuum (cloth menstrual pads)
139. Amy (Scripture memory and giveaway!)
140. Ames (organizing web notes)
141. Julie Stiles Mills (to work or not to work, that is the question.)
142. The Apron Queen (Extreme Blog Makeover)
143. Jeana (Taming the Big Screen Monster)
144. Juliana Gordon (good free checkbook program)
145. Building the Ark (no more “flying” rolls)
146. Llama Momma (summer cooking tip recipe)
147. Happy Momma (making a bit of money and it isn\’t bloggin!)
148. Happy Mommy (packing for vacation)
149. Monica @ Daily Dwelling (post-it picture paper)
150. Jennifer (learning ABCs)
151. Amy (Donating to charity without trying!)
152. Becca (Clean Your Plate)
153. Christine (the question I finally asked)
154. mom2fur (ABCs of creative blogs)
155. April(dealing with diaper overflow)
156. Tara (easy bed making)
157. Emily (trash trick)
158. fullheartandhands mama (nursing bracelet)
159. Clappy Shoes-Cheap Paint Palette for kids and give-away
161. Wade\’s World (Free, Cute, and Easy Blog Banners)
162. Rebekah(My Focus)
163. Kisses of Sunshine: CHEAP Allergy Medicine
164. Milehimama (Dye Free Children\’s Meds)
165. Alissa @ On-Purpose Living (Cloth diapering system)
166. Karen (PYOB or OBP)
167. Dani (REALLYclean white laundry)
168. Sarah@ RealLife (PRAYER works for me!)
169. Full of Boys (Saving on Gifts)
170. Kaye (Spreading out Household Chores)
171. Peggie(email)
172. Gretchen (simplify, laundry, etc.)
173. Minnesota Mama (Potting Plants)
174. *Kristie*
175. Jeni (Toddler Emergency Kit)
176. Tons of Sons ~ helping your kiddos develop their own devotional time
177. S.B. (Adjusting My Frugal Attitutude Often)
178. Passionatehomemaking (buying your food locally)
179. Teresa (stealing ideas)
180. Elena (Potty training tip)
181. Rhen @ YESTHEYAREALLMINE- wood saver
182. Penny Raine (mean on clean)
183. Peggie(king of castle)
184. Vanessa (easy teacher gift)
185. Tanya (kids magazines)
186. Kari @ Just Another Day in Paradise (I love my iMac)
187. Wani (free movies)
188. Miche@Coordinated Chaos(shaving cream fingerpaint)
189. Cherish the Home (*PERFECT* Hard Boiled Eggs)
190. Hope (Enjoy Everyday Life)
191. Jessica (Kids Cups)
192. Amy @ Because I Must… (Works for this Creative Mom)
193. New Diva (Summer Yumminess)
194. Nichole @ A Call to Higher Places (Giving Military Expired Coupons)
195. Smellyann (send yourself flowers)
196. Jen Zug (babysitting co-op)
197. Jen @ All Things Frugal (Fried Strawberry Pies)
198. Aubrey (easy dinner)
199. Robin @ Heart of Wisdom (TOO MUCH STUFF!)
200. The Family CEO (Almost as Easy as Drive Thru: Taco Bar)
201. Laura@Storytellin\’Mama(Expert Husband)
202. Suzanne :: Adventures in Daily Living :: 8 Educational Podcasts
203. Tips & Treasures (Coupon Trains)
204. De\’Etta (journals)
205. Psalm 118:24 (Bagel Holder)
206. a dash of sassitude (potty training)
207. candace@ a garden of blessings (create a custom blog signature)
208. Kristine (how to get toothpaste off your wall)
209. April
210. Homemaker\’s Cottage- Keeping Cloth Diapers Convenient!
211. homemade acne wipes
212. Motherhood and Potatoes (Waterproof Bibs)
213. Jennie – First time! (Hide your Homeschool)
214. Lora (Office Envelope For Kids)
215. Rachel (Using Whole Chickens)
216. Amazing Bean Soup (WorldsGreatestMommy)
217. Kirstin: wake up helper
218. The Family CEO (Snowflake your way out of debt)
219. Kirsty @ Momedy (painless single sock reunions)
220. Joanna @ OneKrustyMama
221. *EDITED* Kristine – How to get CRAYON off your wall
222. MamaBird (container garden drainage)
223. Franticallysimple (keep hair from tangling in goggles)
224. Julie (Paperback Swap-A Book Lover\’s DREAM!
225. Liisa (Small Blankies)
226. Runningamuck (Feeling on vacation while on vacation)
227. Tanna (video subscription)
228. Nichole @ A Call to Higher Places (Free Freeze at TACO BELL!!!)
229. Mom of 11 (Prevent Mom Burnout!!!)
230. 3cookieday (thawing beef/nap cover noise)
231. Sherida (Infant Bathing)
232. Summer (Tips for Weaning)
233. Untraditional Home (baking soda/vinegar shampoo recipe)
234. AreWeThereYetMom(uses for toothpaste)
235. Katie (make a difference)
236. Plastic Daffodils (Chocolate and Bacon)
237. Allie (Dog Tummy Remedy)
238. Hotomom
239. Amy@sonshinecottage(fiber for toddlers)
240. Erica Burgan (soap nuts)
241. Kimi @ The Nourishing Gourmet- Yummy Fruit smoothie recipe
242. The Thrifty Blogger (DIY hair dye tip)
243. Susan
244. Mrs. K (Family Closet)
245. Jennifer (awesome quinoa recipe)
246. Kari (cure for dry skin)
247. Lori (homemade break apart cookies)
248. Elizabeth (Bathroom Organization)
249. Amyswandering (lots of printable chore charts)
250. Char @ DigiScrapChat (MyPicTales and Giveaway)
251. StartingtoSave(My Timer)
252. Seasonal Learner (Good Pediatrician)
253. Mom to 2 boys (Library)
254. Michelle (Photo Editing)
255. Melinda (Book Lover)
256. mzzterry(trunk storage)
257. MrsScotsman (Constipation)
258. Nash
259. Suzanne@AdventuresinTeething (Easy, painless weight loss)
260. Lalena@Finding Freedom (Conquer the Clutter – Mama Clothes)
261. Adena (perfect cake slices)
262. Amy (Spinach Sweet Bread)
263. sandwiched (Never buy Uncrustables Again)
264. Free 2 Be Frugal (butter wrappers)
265. Melinda@ShoresEnd
266. Loral (goto recipe)
267. Alyssa @ Keeping the Kingdom First (Tracking your FREEbies)
268. LaDonna (momma\’s broken toe)
269. April (young kids and chores) *link to actual post
270. Anna (Make Extra Money)
271. Jamie (Park Schedule)
272. All Things Cherished
273. aunt mommy (saving time with subscribe and save)
274. Sarah Mae (Putting my kiddos to bed EARLY)
275. Abby (Books on cd/tape)
276. Lisa – Stop and Smell the Chocolates
277. Capturing Today (Streamline Sheets)
278. Janelle (school uniforms cheap)
279. Jill
280. Stephanie (smoothies)

Powered by… Mister Linky’s Magical Widgets.

Links are now closed. Join us next week!

84 thoughts on “*UPDATED* Works For Me: On-line Allowance

  1. Mrs. N says:

    Great post and great allowance ideas. We have been inconsistent with allowance, as we just haven’t found the right technique for us, but our daughter is only 4…so sometimes I wonder if it is too early…I posted my first WFMW. It isn’t a creative start, but I’ll be better at it as time goes on.

  2. Blue Castle says:

    That’s a great way to dole out allowance. I never have cash on hand either. My hubby uses Xcel to manage our buget. He added a column for each of our boys and every two weeks they get $2 added to their column (we’re a little cheap, I know). It’s much better than trying to find cash. 🙂

  3. Lynn from Organicmania.com says:

    Hmmm…maybe it works because you used cash first…I actually took a parenting class on allowances (I know, I take classes for EVERYTHING!) and they really stressed using cash. But as you pointed out, who ever has cash on hand? So we have been inconsistent — and yes, they also said to be consistent. Well, my guy is only 5 (soon to be 6 and to advance to $6 a week) so we have time to switch around. We do go to the bank to deposit his $1 weekly long term savings and he puts another $1 away for church and/or charity.

  4. jen says:

    Seriously, you just spoke of one of our biggest “Grrr” tasks! I get SO frustrated with the whole allowance deal.
    Here’s a quick question for you – do your kids tithe or save or have money to spend? If so, how do you divvy that up, since the money is in their savings account? I would SO totally do this whole thing online, if I could just figure out how to portion out some of the money for saving and some for giving and some for spending. Hmmm…
    Thanks for the tip though – has me thinking! 🙂

  5. Becky says:

    My girls have just turned 5 and 6 and we have been having a hard time figuring out the right amount to give them. We are so inconsistent with having them do the chores, then when they do, we forget to pay.
    Right now, according to your formula, we’d be considered cheap. : ) I’m thankful to hear what other people are doing. I’m also thankful to hear that there are others out there as dependent on the World Wide Web as I am. : )

  6. Green Baby Guide says:

    I’ll tuck this idea away for the future. I’ve also heard of giving kids their allowance in a huge yearly chunk . . . they’re expected to budget for their activities and anything they may want to purchase. I thought this was an interesting way of handling it.

  7. Stacy says:

    A very interesting idea. I’d like to combine this method with a cash method…hmmm, the brain is ticking!
    I wrote a post about how we do the money with our kids especially for Works For Me Wednesday. I did it this afternoon…so I was surprised when I clicked over here and found you had written about money!
    Thanks for hosting. This is a lot of fun. And VERY informative.

  8. Stacy says:

    Very informative. I never have been able to come up with a consistant amount for an allowance. I will be talking to my husband about your idea.
    You’re just too smart 🙂

  9. Cori says:

    I love this idea and think it would work well for our family except that I’m not sure how your kids access the money when they’d like to use some, for ice cream, a movie with a friend, etc. If you’ve got that figured out, would you fill us in on that? Thanks!

  10. Briggie says:

    I’m bummed. I haven’t posted a WFMW in a while for lots of reasons, mostly illness, but tonight when I pulled up the site to post my WFMW and saw I would be #19 I was so excited. Then when I went back to Rocks to visit other bloggers posts, I didn’t see mine – uh, did I forget to mention I didn’t hit enter after i put in my name and url???duh….no wonder i don’t post very often….

  11. Luanne says:

    That is awesome! I only have one child left in the house and we never gave alowences before, but today she decieded (on her own) to take it upon herself to clean the whole house. I was so grateful, I started thinking about possibly giving her an allowance.

  12. Mama Bear says:

    Just curious – do your children have specific chores or duties they must complete in order to receive their allowance or are you giving it to them regardless? I ask because I’m torn between having him do chores in order to receive the allowance which would unfortunately give him the impression that doing something that has to be done anyway, like making his bed, deserves payment, OR giving him an allowance regardless in order to teach him how to manage money (which I’d do either way, but without giving him the impression that regular, expected duties are supposed to be rewarded).
    I’d love your ‘expert’ opinion! 🙂

  13. Tara says:

    Great idea! My eldest is only 3 1/2, but what a great idea to start them early teaching them the value of money.. Thanks for the tip.

  14. Genny says:

    I just wanted to say thanks! My husband and I were JUST talking last night about what we should pay our kids for allowance. I love your idea of dividing their age in half!

  15. grace4gayle says:

    Good idea. You’re training them for the real world. We don’t just need to teach them how to balance a check book anymore. Now they need to know how to online bank too.

  16. amanda says:

    So, how do you handle the “mommy can I have this?”
    How do they “withdraw” their money from the National Bank of Dad?

  17. Anne says:

    Our two are getting to the age where an allowance is inevitable…so far we’ve dodged that particular bullet…and this sounds like a great idea.

  18. Tracy says:

    Fantastic idea! But how do you handle it when they are ready to buy something? Do your kids tithe? We’re just now wrestling with the realities of actually doing an allowance and I’m just not getting it. Thanks for this great tip!

  19. Michelle says:

    We don’t give out allowances, but rather pay for the extra jobs that arise during the month (ie. wash cars, vacuum the car, pick up dog droppings in the back yard). I like your idea of depositing it straight into their accounts though!

  20. Mama Looking Up says:

    What a great idea. I’ll file that one away for when our little ones are ready for an allowance. I remember the traumatic experience at age 7 of losing my ‘stash of cash’….your system prevents such snafus- fabulous!

  21. CP says:

    I love paying our kids through an online system. It makes it so much easier. We use Payjr.com Our kids are older and don’t really use the chore tracking system online, but it does make it easier to pay them ON time and not have to hassle w/ the bank, etc. Both our kids since using this system have saved well over $300 since August. It also helped with our son who couldn’t keep a dollar in his pocket if it’d save him!

  22. kristy says:

    Love this idea…….I would like more info on what chores are expected in order to get paid.
    Thanks for putting this together again!

  23. Sheila says:

    I love the allowance idea! I’m going to have to look into that. We have quite an elaborate system with allowances, with some going to long-term savings and some charity, but the biggest problem has always been finding the change!
    Sorry about the double posting on Mr. Linky. My original posting got a message that it couldn’t post, but when I posted again there were two. Oh, well 🙂
    Visit To Love, Honor and Vacuum today!

  24. Lori says:

    That’s a very interesting thought. I’m going to have to think on this one some more. I still do the bank trip (though I do it anyway for other withdrawls) and divide it up, etc. We have intentions of them doing their tithe (and an offering if they are led) and then dividing the balance up between spending and saving BUT somehow the saving amounts never make it back to the bank account. How does that happen? I’ll tell you…it’s another trip to the bank!!! Blessings!

  25. Megan says:

    We do this too. My only problem with it is that my oldest has a tendency to think she has an unlimited supply in there. She’s known to ask me to buy her stuff and “take it out of her allowance.” But it really has helped in the “cash in my hand, must spend immediately!” department…

  26. mom2fur says:

    Sure wish I’d known this idea when mine were little. Then again…there wasn’t much of an internet in the early 80s, LOL!
    I’m doing an ABC list of creative blogs–guess who I did for “R” today? Yes, you ARE creative!

  27. Anne says:

    Are your savings accounts limited to three withdrawals per quarter? I have my son’s linked and was doing transfers and got a ‘not okay’ letter from the bank. I thought they had told me kids weren’t limited but on the phone they told me transfers were, I have to go to the bank and withdraw or use his debit card to not have limits.

  28. warillever says:

    This is a wonderful idea.
    I am tucking it away (in del.icio.us of course) to refer to when we start up a formal allowance for our kids.

  29. Michelle says:

    This is the exact same we do it also. (Minus the age divided in half, I wish I would have thought of that!) I think having the money in the bank and not in their hands also makes them think a little more before they buy something.

  30. Stephenie says:

    That’s a great idea. My 6-year-old is really into getting his allowance and wants the cold, hard cash in his little hands, but I will definitely remember this for the future. Thanks!

  31. Kara says:

    That’s a great way to do it. We’ve been giving cash then doing the online thing if they wanted to put some in their savings. This would be simpler:) Thanks

  32. SaraG says:

    I really look forward to the chore list – and any advice you can give about withholding the allowance (or don’t you?) If they have bad attitudes, or just don’t do it, do they get paid? Do you tie the allowance to the cash? If so, and they mess up once does that kill it for the week?
    Oh Shannon, I have so many questions! 🙂

  33. Kari says:

    Awesome idea! I am wondering what age bracket this best applies to? Mine are almost 7 and almost 5…might be a tad early I guess. But I’ll file this one away! Thanks!! 🙂

  34. Cousin Amy says:

    Very clever idea! Just out of curiosity, are these UTMA savings accounts? We’ll probably set something like this up for Sydney when she is old enough… Hope all is well!

  35. Storytellin' Mama says:

    That is a great idea! Our oldest is seven and he is just starting to equate doing chores for money. I think we will try this technique of putting it on the books. Thanks for the great tip!

  36. shawna says:

    I love it! Our kids have a checking account starting at 8. They are linked to my account also. It sure makes things easier.

  37. April says:

    Since I have young kids I’ve found cash isn’t necessary. I use tokens they can earna dn spend with me instead… though once they are older I may very well use your system!

  38. Kirsty says:

    Great idea, we are always having to write IOU’s when we run out of cash. I particularly like the fact that it gives them experience with dealing with real life financial transactions.

  39. Sherida says:

    What a great idea! I think it is important for kids to learn to manage money in today’s society where we don’t use cash very often. I also like your way of deciding how much they get (half their age). I’ll talk this over with my hubby and we just might decide to do it, too, when our little guy is old enough.
    I’m writing my first WFMW post today!
    BTW, at what age did you start giving an allowance?

  40. llisa says:

    You nailed it! This is an important life lesson. I wish we had the money to give mine half their age in allowance. That would cost me almost $200 a month! Yikes! We pay per job “above and beyond” to teach the compensation for hard work. The boys build a fence, we give them $50, fi. All other chores, we teach the children, are expected from all of us as contributing members of our family. They get paid by getting to eat and wear clothes. Gee, that sounds awful, huh? But, we keep it light and fun around here and nobody seems to mind…

  41. Cheryl Lage says:

    Uh oh! So I was supposed to be giving our six-year-old twins allowance? We HAVE introduced the concept of divvy-ing up received funds (e.g. from within cards, spoils from the tooth fairy, earned cash, etc.) betwixt $ to spend, $ to save, and $ to give. (They each have a coolio tri-cylinder bank from Learning Cents to help them visualize)but from the looks of the comment trail, I’m missing the money-from-Mama boat….
    Works for Me Wednesday? What fun! I am SOOO glad to have found RIMD! (is the acronym verboten? If so forgive, I’m a newbie!)

  42. Tiffani says:

    Thank you, thank you, thank you. I have been trying to figure out an EASY way to be consistent with allowance (mostly so the kids will stop bugging me about it!) We also 1/2 their ages. I think I’ll set up accounts for them ASAP and just deposit the money automatically each week. Brilliant!

  43. Susan says:

    We don’t do allowance. They all have regular daily chores and help out with other big jobs too. We give $ for report cards, but that’s it.
    Unless they have just been rotten or we’re broke, they pretty much get stuff whenever. Anything must meet my approval first.

  44. Jennifer D says:

    We currently don’t give our children allowance because the jobs they do are part of being in the family. When they get older and are able to make money on their own, it will be different.

  45. Sandwiched says:

    Love it…maybe it’s worth a try. We did well for a while with a chore chart we found at Target, but I was never consistent about rewards (they were originally non-monetary, but I’ve been thinking I should switch to money).
    But the girls do have piggy banks that separate their cash into all it’s possible uses (spend, save, donate, invest).
    Here’re the websites: http://www.msgen.com/assembled/money_savvy_pig.html
    We don’t enforce too much where the money goes, but we encourage 25% to go in each area.

  46. Loral says:

    Great allowance idea, our 3 have been wanting an allowance and I thought of paying them every two weeks to help alleviate the cash flow issue. But direct depositing it into their savings accounts is even better!

  47. LisaC says:

    My friends do this. They may have waited too long with their 15 year old to start though. She spends it as fast as she can get to an ATM! The younger daughter has reacted how you described: Watching the $$ pile up in her account.

  48. Lisa says:

    I like the online allowance idea. I might have to try it! And I like the idea of dividing age in half – that gives me a good guideline of how much to give.

  49. Shan says:

    THANK YOU SHANNON! My 10 year old and I were just discussing how we can’t keep track of his allowance and I was feeling like total $$$ dope on a rope! This simply couldn’t have come at a better time. And I’m happy to know you do the same amount I supposedly do. That makes me feel better as well. Ahhhhh 😀

  50. The (Almost) Amazing Mammarino says:

    Great tip (and so timely for me!) I am seriously considering this. I, too, struggle to keep my wallet stocked with singles. They get gobbled up by Jazzercise childcare and also by my greedy husband who raids my wallet, only to waste the loot on stuff like lunch. (Well, technically, since he’s the one who earns it, I guess I have to forgive him!)
    I’m sad that I missed posting for WFMW! My computer was mad at me! ):

  51. Amber (Bringing Good Home) says:

    Oh man!! I wait until the end of the day and links are closed. 😦
    Well, click on my name to go see it I guess. 🙂
    I like our online allowance idea. Like you, I’m not so great with the cash thing, either.

  52. prasti says:

    we do this exact same thing with our son. it’s SO much easier than taking remembering to take out money for him. we’ve also started a savings acct. for our 2 year old daughter-though she’s still a little too young for allowance :).

  53. edj says:

    That’s how we do it too. Well sort of, since they don’t have their own bank accounts yet…we just keep track on our computer cuz we never have cash.

Comments are closed.