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As is learning to make decisions based on how much money is available to them (including whether an item is "worth" that cost to them), having the discipline to save for something they want, and the patience to wait until they can afford it.
My kids get a weekly allowance that is $1 for every year old they are. (My 10 year old gets $10/week.) The allowance isn't tied to specific chores, but they have chores to do around the house. However, I can "charge" them for infractions of the house rules....$0.25 for each light left on, $0.25 for each item of clothing left on the floor, etc...
The kids keep 50% of their money to spend, 40% goes to their savings, and 10% goes to a charity of their choice. With their spending money, the kids are expected to purchase things on their "want" list (they don't have to pay for clothes or things they need for school). "Want" list items do include things like books, toys, gifts for birthday parties, and anything that I don't deem as a "need."
So far, this system has worked well with us because it has taught them a lot about saving for purchases and delaying gratification. My kids also know not to ask me to buy them something in the store, because it's their responsibility to purchase it.
I like allowances but they haven't been working too well in our household. They are simple things like taking out trash, keeping bathroom picked up, keeping beds made. My 10 year old son does what he is expected to. My daughter has trouble complying and doing these simple tasks. I think that a commission basis would work much better.
For instance this weekend, my son in particular busted his rear helping around the house. He almost does an adult amount of work. Yesterday he helped organize all my books and sadly, does a better job than I can,lol. He also does simple maintenance things around the house. Going to throw him some money for all the help. My daughter is a whole other issue and need to find something that works for her.
Our son (16) gets commission. It started out because his DAD, the eldest of 5, would take him to toy store every Sunday and come back with 100 Leggo set!!!! I had to put a stop to that! I think DH, sometimes felt deprived and wanted his son to feel differently. I transfer money directly into his account with debit card. He has a job as a swim coach this summer and will make $700 for the whole summer. 350 for fun 350 in savings.
I'm glad he has a summer job, during the school year with school, swimming and water polo, he has no time for "work" outside the home. He has chores, clean his room, bathroom, change light bulbs(he's tall, I'm short) take out trash, whatever I need him to. If I'm not feeling well he runs errands for me, grocery, dry cleaning.
I don't tie allowance to chores, like others have stated, you do work around the house, cause your a member, not a guest in a hotel. The commission is for him to learn how to budget between saving and spending. Thinking about purchases.
The other day he was having a bad day and I offered him some money to buy something he wanted. His reply,
"No mom, I don't want to have to rely on money for my happiness!" I was impressed and proud!
But you never chose to be a member of the family, so why should they have responsibilities?
You don't chose to be a member of society/country/many other social group and yet you have responsibilities. There is not difference.
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That works fine in something you volunteer to be part of.
Also, if you mandate a certain breakdown for their allowance money, then it's not really allowance.
For instance, that 30% goes into a black hole. How much money do you think that's really going to add up to? Even if it added up to $10,000 by the time the child is 18, in terms of raw purchasing power, that money was more valuable in the child's teen years. $10,000 can't even pay for half a semester of a good college.
My sister had 15K by the time she was 18. She bought a car.
All of the kids in my family went to school via scholarship or trustfund.
My parents tied 50% of my allowance to chores. The other 50% was more or less enough to buy school lunch for the week.
I ran a paper route when I was around 12 to 15. At that point, the allowance was still a decent chunk of change vs the money I brought in from the paper route. I did some lawn mowing and snow shoveling as well. When times were good, the "chore allowance" was negligible in comparison, but I did them anyway since it was just part of the routine.
After college, I lived home for about 9 months. Between my full-time job and graduate school, and being asked to pay rent, I told them that renters don't do chores. That didn't sit well. Didn't take long for me to move out permanently.
Now as a parent myself, I don't know what I think of my actions.
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