Comments on: PF Blogger’s Allowance Policies http://www.bargaineering.com/articles/pf-bloggers-allowance-policies.html personal finance blog with anecdotes, advice and commentary. Tue, 24 Nov 2009 20:44:11 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Lauren http://www.bargaineering.com/articles/pf-bloggers-allowance-policies.html/comment-page-1#comment-802 Lauren Fri, 12 Aug 2005 21:25:58 +0000 http://www.bargaineering.com/articles/?p=262#comment-802 When I was a kid, I had 4 coffee cans that my mom had me decorate with shelf paper. They were split into charity, short term savings, long term savings, and free-to-spend. I don't remember how much I was supposed to save. I typically would save up a lot but then buy relatively big ticket items after I had plenty of time to save. I did save a few thousand dollars in my savings account though, which I was allowed to touch after I went to college but almost never spent. When I was a kid, I had 4 coffee cans that my mom had me decorate with shelf paper. They were split into charity, short term savings, long term savings, and free-to-spend. I don’t remember how much I was supposed to save. I typically would save up a lot but then buy relatively big ticket items after I had plenty of time to save. I did save a few thousand dollars in my savings account though, which I was allowed to touch after I went to college but almost never spent.

]]> By: Madame X http://www.bargaineering.com/articles/pf-bloggers-allowance-policies.html/comment-page-1#comment-789 Madame X Thu, 11 Aug 2005 21:15:16 +0000 http://www.bargaineering.com/articles/?p=262#comment-789 I don't have kids myself, but I think my parents had some ok ideas (of course at the time I thought they sucked!) When I was little, I had a small allowance (10 or 25 cents a week) that was given to me to spend on whatever I wanted. But my father also kept an account of another 25 cents a week that could be spent on books. As I got a little older, if I wanted something major like a bike, I had to save money from my allowance and odd jobs and babysitting for part of it, and they would match the amount I'd saved, or maybe double that amount. I had a savings account, and any birthday gifts or other money I received went in there, and I was allowed to take it to the bank teller myself and see the interest they'd note in my bank book. From my earliest memory, it was just understood that my savings were for college. I don’t have kids myself, but I think my parents had some ok ideas (of course at the time I thought they sucked!)
When I was little, I had a small allowance (10 or 25 cents a week) that was given to me to spend on whatever I wanted. But my father also kept an account of another 25 cents a week that could be spent on books.
As I got a little older, if I wanted something major like a bike, I had to save money from my allowance and odd jobs and babysitting for part of it, and they would match the amount I’d saved, or maybe double that amount.
I had a savings account, and any birthday gifts or other money I received went in there, and I was allowed to take it to the bank teller myself and see the interest they’d note in my bank book.
From my earliest memory, it was just understood that my savings were for college.

]]> By: ncnblog http://www.bargaineering.com/articles/pf-bloggers-allowance-policies.html/comment-page-1#comment-787 ncnblog Thu, 11 Aug 2005 19:48:08 +0000 http://www.bargaineering.com/articles/?p=262#comment-787 We have 2 kids, 2 year old and 5 year old. The both (and I mean this, seriously) LOVE to do their chores. I know, it's crazy. They like to pick up their toys and the older one likes to make her bed, etc. So, we haven't really gotten to the stage of "paying" them for their "jobs" around the house, but when we do, this will be the breakdown: 10% tithe (to our local church) 5 % optional offering 15 % savings 70 %...whatever they want We will buy their necessities, and this will be money they can use for "wants" ncnblog We have 2 kids, 2 year old and 5 year old. The both (and I mean this, seriously) LOVE to do their chores. I know, it’s crazy. They like to pick up their toys and the older one likes to make her bed, etc. So, we haven’t really gotten to the stage of “paying” them for their “jobs” around the house, but when we do, this will be the breakdown:

10% tithe (to our local church)
5 % optional offering
15 % savings
70 %…whatever they want

We will buy their necessities, and this will be money they can use for “wants”
ncnblog

]]> By: nickel http://www.bargaineering.com/articles/pf-bloggers-allowance-policies.html/comment-page-1#comment-786 nickel Thu, 11 Aug 2005 19:34:27 +0000 http://www.bargaineering.com/articles/?p=262#comment-786 Actually, the amount that they're saving hasn't changed - it's still 30% (not 20%) going into the bank for the long term. So 40% is effectively untouchable (30% long term savings + 10% charity). All we did when we revamped things was to combine their short term savings and their spending money into one pot (30% + 30% = 60%). The short term savings was essentially spending money in the first place, it's just that it was meant to force them to save up for somewhat bigger items. Now they have to make the decision to spend vs. save for a bigger item on their own - to me the tradeoff between instant gratification and saving up for something that may be a little ways off in the future is an important thing for them to learn about. And yes, JLP pays more. BUT... I've got four kids. While only two are old enough for an allowance right now, I don't want to end up in the poorhouse every allowance day when the youngest two join in. And don't tell my kids this, but I'm open to well-reasoned re-negotiation of their contracts. <a href="http://www.fivecentnickel.com/" rel="nofollow">fivecentnickel.com</a> Actually, the amount that they’re saving hasn’t changed – it’s still 30% (not 20%) going into the bank for the long term. So 40% is effectively untouchable (30% long term savings + 10% charity). All we did when we revamped things was to combine their short term savings and their spending money into one pot (30% + 30% = 60%). The short term savings was essentially spending money in the first place, it’s just that it was meant to force them to save up for somewhat bigger items. Now they have to make the decision to spend vs. save for a bigger item on their own – to me the tradeoff between instant gratification and saving up for something that may be a little ways off in the future is an important thing for them to learn about. And yes, JLP pays more. BUT… I’ve got four kids. While only two are old enough for an allowance right now, I don’t want to end up in the poorhouse every allowance day when the youngest two join in. And don’t tell my kids this, but I’m open to well-reasoned re-negotiation of their contracts.
fivecentnickel.com

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