How much money should I give my kids?

Posted on Posted in Teens

In our family we have “responsibilities” we don’t have chores. As a family it is our “responsibility” to ensure our home is clean and safe. That means EVERYONE does everything. We prepare meals together, we do dishes together, we clean house together. DAILY we do a 10 minute tidy every day – we put on 3 – 4 really fun fast songs, we set the time and we each pick a space to “clean” – cupboards, walls, floors, sweeping, dusting, clean out the fridge – whatever – then we just do it – but only for 10 mins. It is fun, fast and every day we get 40 mins of house work in (I have a family of 4). No more struggling to keep the house clean.

On the first of the month the 13 year old receives $200 and the 10 year old gets $100. 25% goes to rent, yes, they both pay rent

25% is kept in cash for necessities – toothpaste, deodorant, clothing, stuff they “need” – I pay for their food (unless they are going out with a group of friends – that comes from them)

10% goes to pay me for their sponsored sister (through World Vision)

10% goes toward education – books, school trips etc.

10% for Long Term Savings – for example my older daughter was saving for a trip with her Teen Group – she saved $800!

10% for Financial Freedom – every month they give me 10% of their income to invest.

10% Play – they can spend it on whatever they want – I can say NOTHING about it.

This teaches them responsibility for their actions and their own money. My 10 year old came home from “hanging at the mall” with her friend and her mom with a bag of new socks. I gave her a funny look and she said, “mom, they were in the clearance bin, they were only $5. 2 months ago when I bought this same pack it was $9! I am going to put them in my closet for school”

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