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.
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Great post! I especially like the way you determined the amount of their allowance.
Posted by: Alana | Tuesday, May 20, 2008 at 10:01 PM
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.
Posted by: Mrs. N | Tuesday, May 20, 2008 at 10:03 PM
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. :)
Posted by: Blue Castle | Tuesday, May 20, 2008 at 10:04 PM
I love this idea! We were just talking about an easier way and I think this would work for our family! Thanks.
Posted by: We are THAT family | Tuesday, May 20, 2008 at 10:14 PM
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.
Posted by: Lynn from Organicmania.com | Tuesday, May 20, 2008 at 10:16 PM
Genius. Pure genius.
Posted by: chilihead | Tuesday, May 20, 2008 at 10:18 PM
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! :)
Posted by: jen | Tuesday, May 20, 2008 at 10:23 PM
Thanks Shannon, you are a constant inspiration to us! Just linked my first WFMW! Woohoo!
Posted by: BundyMum @ Thirsty? | Tuesday, May 20, 2008 at 10:25 PM
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. : )
Posted by: Becky | Tuesday, May 20, 2008 at 10:27 PM
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.
Posted by: Green Baby Guide | Tuesday, May 20, 2008 at 10:37 PM
Thanks for the super idea!!! It's a keeper for sure!
Posted by: Jen G. | Tuesday, May 20, 2008 at 10:40 PM
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.
Stacy
Posted by: Stacy | Tuesday, May 20, 2008 at 10:45 PM
We also do online allowances. My 2 oldest actually have debit/credit cards linked to their accounts as well.
Posted by: Karen | Tuesday, May 20, 2008 at 11:10 PM
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 :)
Posted by: Stacy | Tuesday, May 20, 2008 at 11:11 PM
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!
Posted by: Cori | Tuesday, May 20, 2008 at 11:12 PM
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....
Posted by: Briggie | Tuesday, May 20, 2008 at 11:14 PM
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.
Posted by: Luanne | Wednesday, May 21, 2008 at 12:01 AM
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! :)
Posted by: Mama Bear | Wednesday, May 21, 2008 at 12:03 AM
By him, I'm meaning my infant son. *doh*
Posted by: Mama Bear | Wednesday, May 21, 2008 at 12:04 AM
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.
Posted by: Tara | Wednesday, May 21, 2008 at 12:13 AM
Neat idea! Thanks for hosting WFMW! :o)
Posted by: Linz | Wednesday, May 21, 2008 at 12:29 AM
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!
Genny
Posted by: Genny | Wednesday, May 21, 2008 at 12:40 AM
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.
Posted by: grace4gayle | Wednesday, May 21, 2008 at 12:55 AM
So, how do you handle the "mommy can I have this?"
How do they "withdraw" their money from the National Bank of Dad?
Posted by: amanda | Wednesday, May 21, 2008 at 01:10 AM
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.
Posted by: Anne | Wednesday, May 21, 2008 at 01:23 AM
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!
Posted by: Tracy | Wednesday, May 21, 2008 at 01:25 AM
Funny, I never ever woulda thought of this! It's good because this is how they'll be doing things when they get older. Thanks for the idea!
Posted by: Col @ gigablonde :: things to do in ny when you're [ alive ] | Wednesday, May 21, 2008 at 02:20 AM
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!
Blessings,
Michelle
Posted by: Michelle | Wednesday, May 21, 2008 at 05:44 AM
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!
Posted by: Mama Looking Up | Wednesday, May 21, 2008 at 05:53 AM
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!
Posted by: CP | Wednesday, May 21, 2008 at 06:24 AM
what a fabulous idea. this sounds like something that would work for us.
Posted by: myra | Wednesday, May 21, 2008 at 06:32 AM
Love this idea.......I would like more info on what chores are expected in order to get paid.
Thanks for putting this together again!
Posted by: kristy | Wednesday, May 21, 2008 at 06:51 AM
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!
Posted by: Sheila | Wednesday, May 21, 2008 at 07:12 AM
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!
Lori
Posted by: Lori | Wednesday, May 21, 2008 at 07:21 AM
This is a great idea, Shannon!
Posted by: Jeana | Wednesday, May 21, 2008 at 07:21 AM
This is a great idea, Shannon! I don't know if their accounts are hooked with ours, but I'm going to find out!
Posted by: Kelly @ Pass the Torch | Wednesday, May 21, 2008 at 07:27 AM
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...
Posted by: Megan | Wednesday, May 21, 2008 at 07:46 AM
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!
Posted by: mom2fur | Wednesday, May 21, 2008 at 07:59 AM
I can't find Mr. Linky. Help?
http://minnesotamamma.blogspot.com/2008/05/works-for-me-wednesday_21.html
Posted by: Tara | Wednesday, May 21, 2008 at 08:17 AM
Nevermind. Who knows what happened!
Posted by: Tara | Wednesday, May 21, 2008 at 08:18 AM
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.
Posted by: Anne | Wednesday, May 21, 2008 at 08:36 AM
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.
Posted by: warillever | Wednesday, May 21, 2008 at 08:36 AM
That's something I've never thought of doing, but it's so funny that you blogged on that, because I blogged on online banking/bill pay. :)
Posted by: Karen (Simply A Musing Blog) | Wednesday, May 21, 2008 at 08:54 AM
My first WFM post EVER. I'm so excited! :)
Posted by: Dani | Wednesday, May 21, 2008 at 08:59 AM
Great idea! Mine are just now starting to understand the concept of money in the bank, so I'm going to try this. Alt least with my oldest!
Posted by: Sarah (Real Life) | Wednesday, May 21, 2008 at 09:01 AM
I love this idea. Our oldest is getting ready for allowances and this just might be the best thing for him!
Posted by: Jenn | Wednesday, May 21, 2008 at 09:02 AM
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.
Posted by: Michelle | Wednesday, May 21, 2008 at 09:30 AM
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!
Posted by: Stephenie | Wednesday, May 21, 2008 at 09:35 AM
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
Posted by: Kara | Wednesday, May 21, 2008 at 09:35 AM
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! :)
Posted by: SaraG | Wednesday, May 21, 2008 at 09:51 AM
This is my first time posting for WFMW - I hope I did it correctly! Love your blog!
Posted by: Hope | Wednesday, May 21, 2008 at 09:59 AM
#199 needs to be deleted...I have read your instructions, but can't get mine to work??? sorry!
Posted by: Hope | Wednesday, May 21, 2008 at 10:09 AM
What a great idea!!!
Posted by: Stella Crupko | Wednesday, May 21, 2008 at 10:11 AM
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!! :)
Posted by: Kari | Wednesday, May 21, 2008 at 10:13 AM
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!
Posted by: Cousin Amy | Wednesday, May 21, 2008 at 10:40 AM
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!
Posted by: Storytellin' Mama | Wednesday, May 21, 2008 at 10:51 AM
I love it! Our kids have a checking account starting at 8. They are linked to my account also. It sure makes things easier.
Posted by: shawna | Wednesday, May 21, 2008 at 11:02 AM
What a great idea! I'll have to try this soon. :) I love how it teaches them the value of money, too. :)
Posted by: Audra Marie | Wednesday, May 21, 2008 at 11:12 AM
I've been considering our allowance system for the past few weeks. Thanks for sharing your ideas.
Posted by: De'Etta @ Choosing Joy | Wednesday, May 21, 2008 at 11:12 AM
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!
Posted by: April | Wednesday, May 21, 2008 at 11:13 AM
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.
Posted by: Kirsty | Wednesday, May 21, 2008 at 11:39 AM
That's a great idea. Now, if I could just remember to bring my kids' passports to the bank, I could actually set their bank accounts up!
Posted by: MamaBird/SurelyYouNest | Wednesday, May 21, 2008 at 11:49 AM
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?
Posted by: Sherida | Wednesday, May 21, 2008 at 11:58 AM
I LOVE this idea. Would never have thought of it on my own. Thanks for the great tip.
Posted by: Runningamuck | Wednesday, May 21, 2008 at 11:58 AM
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...
Posted by: llisa | Wednesday, May 21, 2008 at 12:08 PM
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!)
Posted by: Cheryl Lage | Wednesday, May 21, 2008 at 12:53 PM
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!
Posted by: Tiffani | Wednesday, May 21, 2008 at 01:34 PM
I didn't read through all the comments, so you may have already answered this, but what is your 10 year old required to do each week to earn his allowance?
Posted by: katy (aka funny girl) | Wednesday, May 21, 2008 at 01:57 PM
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.
Posted by: Susan | Wednesday, May 21, 2008 at 02:05 PM
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.
Posted by: Jennifer D | Wednesday, May 21, 2008 at 02:22 PM
What a great idea!!
Posted by: Marian | Wednesday, May 21, 2008 at 02:41 PM
Love the ideas!
Posted by: Lalena | Wednesday, May 21, 2008 at 03:47 PM
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
http://www.amazon.com/Chore-Chart-Magnetic-Erase-Responsibility/
dp/B00114UCYS
We don't enforce too much where the money goes, but we encourage 25% to go in each area.
Posted by: Sandwiched | Wednesday, May 21, 2008 at 04:19 PM
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!
Posted by: Loral | Wednesday, May 21, 2008 at 04:47 PM
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 $$ pile up in her account.
Posted by: LisaC | Wednesday, May 21, 2008 at 05:03 PM
This is such a GREAT idea! I love it, I wish I would have thought of it! ;) You're brilliant.
Posted by: sarah mae | Wednesday, May 21, 2008 at 06:45 PM
I like the online allowance idea. I might have to try it! And I like the idea of dividing age in half - that gives me a good guideline of how much to give.
Posted by: Lisa | Wednesday, May 21, 2008 at 07:34 PM
Another wonderful WFMW!
Amber
Posted by: Amber | Wednesday, May 21, 2008 at 08:43 PM
What a great idea! One that my husband would love, too.
Thanks!
Julie
Posted by: Julie | Wednesday, May 21, 2008 at 09:04 PM
THANK YOU SHANNON! My 10 year old and I were just discussing how we can't keep track of his allowance and I was feeling like total $$$ 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 :D
Posted by: Shan | Wednesday, May 21, 2008 at 09:31 PM
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! ):
Posted by: The (Almost) Amazing Mammarino | Wednesday, May 21, 2008 at 10:06 PM
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.
Posted by: Amber (Bringing Good Home) | Wednesday, May 21, 2008 at 11:50 PM
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 :).
Posted by: prasti | Friday, May 23, 2008 at 07:26 PM
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.
Posted by: edj | Friday, May 23, 2008 at 10:08 PM