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Monday, September 26, 2022

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Allowance in 2018: How Much Should It Be?

Allowance, wow, that’s something I haven’t thought about in a really long time.  One reason is because I haven’t been a kid in quite a few years, the other being that I don’t have any kids. So when I saw this new study that found the average kid between 4 and 14 years old gets an $8/week allowance as a base, like you know, for doing nothing, I was kind of surprised.  So they also have the ability to make more money by actually doing some chores around the house to add to that $8 weekly sum.

For example, washing the dishes equals an extra dollar, cleaning their room or doing laundry would get them an extra $2, and doing something a little bigger and more time consuming, like washing mom or dad’s car or yard word would earn then an additional $4, according to this study.

I hate to say ‘back in my day’, but for real, back when I was a teenager in the 90’s, I was given a list of chores to do and I had to do ALL of them for $2/week.  There was no negotiating either, no ‘price per chore’, I was to do them all or get no money.  I don’t remember the exact age I started getting an allowance, but I want to guess that it was around 8 years old.  I only got an allowance until I got my first job, which you might be thinking was at 16, but no, it was a paper route when I was 11.  Once I started delivering newspapers, I was making ‘real money’ and my parents didn’t think they needed to give me an allowance any longer.  I have no idea if their method was right or wrong or somewhere in the middle, but that’s how allowance worked for me.  I was a super saver too.  I was never that kid who’d go blow all her allowance money on candy or magazines or toys, no way, I was saving for something big!  I have no idea what I was saving for, not now and not then, I didn’t have a plan!  I think I was saving it just because I knew if I spent it, I wouldn’t have it anymore.

I fully expected the price of allowance to go up between the 90’s and today.  Yes, 1995 seems like it wasn’t that long ago, but when you sit and think about it for a minute, it was 23 years ago.  Yikes.  So yeah kids, you best be getting more than $2 a week from the ‘rents!  However, I don’t think allowance should just be forked over for nothing.  I think having kids do chores for money is a great way to teach responsibility.  Kid need to learn sometime that they can’t get things handed to them for free when they get out into the real world as adults!

I also don’t think $8/week is too high, or even $10, if the kids are doing chores around the house to help and work for it.  I can’t say for sure as I don’t have a kid to test this theory on, but I think if I did and they helped me around the house with laundry, dishes, vacuuming, yard work, etc., I’d be more than happy to hand them $10 for doing so!  What do you think is a fair price for a weekly allowance for a kid?  What’s a good age to start giving an allowance and at what age do you stop giving it?

 

 

 

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