tag:blogger.com,1999:blog-2423827822739128743.post1298506687170513627..comments2023-05-08T06:11:50.575-04:00Comments on Eboo Works, Saves, Knits,and Lives: The Allowance and my Daughter's BudgetAnonymoushttp://www.blogger.com/profile/06470492772543904048noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2423827822739128743.post-16902417879343355402010-10-09T10:28:47.218-04:002010-10-09T10:28:47.218-04:00We started an allowance with my kids about a year ...We started an allowance with my kids about a year ago. They cover ALL their expenses from their allowance (other than their winter coats/snowpants and winter boots and winter gear accessories) with my guidance and supervision, of course, but it has helped them learn the cost of name brand vs store brand, and how to S-T-R-E-T-C-H their budget as far as they can! So here's how my kids' allowances breaks down:<br /><br />Weekly, my 10 yr old gets $25<br />- $5 Mad Money<br />- $5 Planned Spending<br />- $2 Long Term Savings<br />- $1 Charity<br />- $12 Clothing/School Expenses/Gifts for family and Friends<br /><br />Weekly, my 8 yr old gets $23<br />- $4 Mad Money<br />- $4 Planned Spending<br />- $2 Longterm Savings<br />- $1 Charity<br />- $12 Clothing/School Expenses/Gifts for Family and Friends<br /><br />My 5 yr old doesn't get an allowance yet as she is just beginning to learn the value of real money - paper bills vs coins, and how to safe guard her money and not lose it, etc... maybe in a year, when she's 6 1/2, I'll begin her with a Mad Money Jar, Planned Spending Jar, Longterm savings Jar and a Charity Jar. I will not ask her to manage her clothing/school expenses and gift purchases till she's at least 8 1/2 or 9. My current 8 yr old is capable at this point, but my son wasn't ready for that till he was almost 10. It's an individual thing, really.Mehttps://www.blogger.com/profile/01748705005786498840noreply@blogger.com