Tips For Starting An Allowance With Your Kids

Giving your children an allowance is a great way to introduce them to the concept of money and the value of a dollar. Rather than just handing money over to them however, there are several ways you can make it a rewarding learning experience.

One of the most common ways to get children involved and earn an allowance is by doing chores. Depending on the age of the child, you could have them do simple tasks around the home to earn some money. Each chore could be worth a certain amount or you could simply inform them that they only receive their allowance after all their assigned tasks have been completed for the week.

People with younger children could use a chart. On the chart there is a heading with the days of the week across the top and their assigned daily tasks down the left-hand side. As they complete their chores, the child could check it off on the chart. This will allow them to interact with the process and can see all the work they have completed.

The chores your child could do would depend on their age. Younger children could help with dishes, pick up their toys, clean their room, or help clear the dinner table. Older children could mow and rake the lawn, help prepare meals, or perhaps babysit their younger siblings so mom and dad can have a break, depending on their maturity and state laws.

According to a 2007 survey conducted by factmonster.com, the average weekly allowance for children between the ages of 5 and 7 was $3.15 to $4.10. For children between the ages of 8 and 10, the average was $4.32 to $7.10. Older children between the ages of 14 and 18 received between $13.47 and $40.10 per week for an allowance. Keep in mind however, these are just averages. What you give your child for an allowance will depend on your financial situation and what they are doing to earn that allowance. You are not competing with the federal wage limits, but at the same time you want to make it rewarding for your child.

Another option for giving your child an allowance is by putting it on a prepaid debit card. This option is more geared for older children but it teaches them the responsibility that comes with using such negotiable instruments. Perhaps you could start a savings account for them with their allowance. Most banking institutions will allow you to open a separate account for your dependents with little or no initial deposit. Since most savings accounts come with debit cards, this is probably a better option than a prepaid debit card. With this option, they are learning not only the responsibilities of having a debit card, but they are also learning about savings.

10 Simple Ways to Save Money

Saving money when the children are small is so important. When children are growing so fast clothes can be expensive. Check out consignment sales for high quality items at a fraction of the cost.

Items we use in mass quantities especially when the children are small are cheaper in bulk. Take advantage of the sales on household items in bulk. Diapers, wipes, toilet paper and detergent are expensive in small packages, but there are big savings to be made in bulk.

Take the time to inventory your cleaning supplies. How many different cleaners do you really need to get the jobs done. All purpose cleaners can perform multiple task and take up less room. Buying one cleaner in bulk is a double whammy. With children there are going to be clean ups. Not having to decide what to use is going to save a headache as well.

Keep a spare change jar. What? Yes a change jar. When the children are small this can be a great tool on saving money. They can even chip in when they find spare change lying around. It can be fun watching an big old pickle jar fill up with savings. When the jar is full the money can be counted together with the knowledge that the money is going towards a family outing or something new for the house.

Look at going to the store on a monthly bases. Be prepared with a list and stick to it. Temptation is lessened when one is not exposed to unnecessary items.

Try eatting before you go to the grocery store. It is when we are hungry that we purchase expensive last minute splurges at the grocery store.

Check out the sales papers for the best bargains and buy snacks when they are buy one get one. Pair that up with coupons for extra savings. Sometime you can even make money on these deals.

When you buy in bulk think about buying items like meat and other items you eat a lot of that can be frozen. When this stuff is on sale go for it. Better cuts of meat can be cheaper when bought in larger quantities.

Take the time to cook a huge meal on Sunday that can be turned into other meals throughout the week. The children will never know unless you tell them that the fajitas they eat on Wednesday was the roast you cooked on Sunday.

Take the time to see where there is waste and see what can be done. Freezing food that might not be eaten right away is going to save food and money. Having a budget and sticking to it is also going to cha-ching the savings.