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Planning: Tools & Services > Education Center > Doing the Math: An Activity on Allowances for Kids and Their Parents
Doing the Math: An Activity on Allowances for Kids and Their Parents

When determining how much young people should receive for an allowance, the following five factors should play an important role in the calculations:

  1. The family budget – Parents, where do allowances fit in relation to your other expenditures? How are you going to keep track of how much you have given and will be able to give as your income and your kids’ needs change?
  2. The kids’ needs/wants – What are some things that need to be purchased over the course of a typical week? School lunch? Bus tokens? Movie tickets? On another piece of paper, make three columns. List your expenses (wants and needs), their costs and who will take care of each expense (will it have to come out of your allowance or will your parents look after it?).
  3. The family’s values – Setting boundaries is very important in caring for your finances. What kinds of purchases would be appropriate? Are you sharing and saving some of your allowance (i.e., your church, the bank)?
  4. Age – A common rule of thumb is to pay an allowance that is half of your age. For example, if you are 10 years old, you would receive $5 a week. Would such an approach cover your costs (see number 2 above)? How much allowance do you require?
  5. The going rate – Do some research. What are other kids getting for allowances? How did their families arrive at those amounts?

One more thing: PAYDAY! What day will you receive your allowance each week?

 
 
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This document was last updated on Friday, June 28, 2002 at 2:56 PM