Parents, it's 2016: How much allowance do you give your spawn?
08-20-16, 11:10 AM
#1
DVD Talk Hero
Thread Starter
Parents, it's 2016: How much allowance do you give your spawn?
My kid is still too young for an allowance, but I'm curious.
Do you give them weekly or monthly payments? How much? Any rules in place where they risk losing out?
Do you give them weekly or monthly payments? How much? Any rules in place where they risk losing out?
08-20-16, 12:21 PM
#2
DVD Talk God
Re: Parents, it's 2016: How much allowance do you give your spawn?
This is a more modern version of an allowance, especially for those whose grandparents, etc. make sure they always get enough for birthdays, etc. to where the only true motivator is to take away a phone. But what do you do when they have no phone to take away?
My kids have jobs they do for me. Help out with rentals, real estate, etc. They even earn a modeling fee for being on my card, and the government asked me about it 3 years in a row, but never said to stop. So with 3 kids, I pay them each $175 a month for all that they do. But here's the catch....the little bastards don't know they have this job. It gets paid to them into a checking account in both our names. I don't think they even know of these accounts. We may have discussed it early enough they don't remember as they don't bring it up. They may think it is the college fund, which is another nice help.
So for me, this allows me to deduct a bit over $5,000 a year, which saves me close to $2,000 in tax, social security, medicare, etc. But also, when they go school shopping and we decide on $50 for shoes, but they really want the $100 ones, I can take the difference out of that account.But mostly it just grows for bigger things, like my oldest "got" $5,000 for his first car purchase. It was a disaster he has learned many lessons from, and it doesn't piss me off because it was his money all along. It has also paid for their plane tickets, spending money, etc. when we go to Maui.
Honestly, it lets you really enjoy vacations and not see them as a financial burden where you worry about how much is spent, which is handy for family vacations.
And it lets us take them more often.
My kids have jobs they do for me. Help out with rentals, real estate, etc. They even earn a modeling fee for being on my card, and the government asked me about it 3 years in a row, but never said to stop. So with 3 kids, I pay them each $175 a month for all that they do. But here's the catch....the little bastards don't know they have this job. It gets paid to them into a checking account in both our names. I don't think they even know of these accounts. We may have discussed it early enough they don't remember as they don't bring it up. They may think it is the college fund, which is another nice help.
So for me, this allows me to deduct a bit over $5,000 a year, which saves me close to $2,000 in tax, social security, medicare, etc. But also, when they go school shopping and we decide on $50 for shoes, but they really want the $100 ones, I can take the difference out of that account.But mostly it just grows for bigger things, like my oldest "got" $5,000 for his first car purchase. It was a disaster he has learned many lessons from, and it doesn't piss me off because it was his money all along. It has also paid for their plane tickets, spending money, etc. when we go to Maui.
Honestly, it lets you really enjoy vacations and not see them as a financial burden where you worry about how much is spent, which is handy for family vacations.
And it lets us take them more often.
08-20-16, 09:06 PM
#5
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Re: Parents, it's 2016: How much allowance do you give your spawn?
Five cents a month. And out of that, they have to pay for all their own food, clothing, entertainment, and medical expenses. 
08-20-16, 09:30 PM
#7
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Re: Parents, it's 2016: How much allowance do you give your spawn?
Originally Posted by NORML54601
You make your kids pay their own way on family vacations? What if they don't want to go?
08-20-16, 09:44 PM
#8
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Re: Parents, it's 2016: How much allowance do you give your spawn?
I've never brought up an allowance to my kids. They've never asked about it. And they have chores and other things I ask them to do. They've received money at birthdays, etc, and my daughter is old enough where she's had a few odd jobs (watching the neighbors pets while they're out of town and the like), so there has been opportunities to teach them about budgeting and handling money.
Not quite the same subject, but I never told my kids about a tooth fairy either. I recall one of my kids losing a tooth when around some friends and someone mentioned putting it under their pillow. My child just looked at them like they were crazy because of such a bizarre idea.
Not quite the same subject, but I never told my kids about a tooth fairy either. I recall one of my kids losing a tooth when around some friends and someone mentioned putting it under their pillow. My child just looked at them like they were crazy because of such a bizarre idea.
08-20-16, 10:21 PM
#9
DVD Talk God
Re: Parents, it's 2016: How much allowance do you give your spawn?
Originally Posted by NORML54601
You make your kids pay their own way on family vacations? What if they don't want to go?
08-20-16, 10:57 PM
#10
Suspended
Re: Parents, it's 2016: How much allowance do you give your spawn?
Originally Posted by kvrdave
the government asked me about it 3 years in a row, but never said to stop.
Please elaborate. Because if the bank accounts are under your name, it's going to be treated as if you're paying yourself and claiming them as business expenses. Further, if you're on government's radar, I think you might be facing tax evasion soon. Unless your life is so nice that even IRS can't touch you, which is what I'm thinking now. Must be nice.
Last edited by SuperJim88; 08-21-16 at 01:16 PM.
08-21-16, 10:45 AM
#11
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Re: Parents, it's 2016: How much allowance do you give your spawn?
Is tax invasion anything like an alien invasion?
08-21-16, 01:30 PM
#14
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Re: Parents, it's 2016: How much allowance do you give your spawn?
Daughter is now 14. We've experimented with several versions of a job/behavior/allowance chart, enabling her to earn up to $2 a day for pretty much obedience and keeping her bathroom clean. But she never puts more than a couple days in a row together, and we've pretty much abandoned the idea of an allowance for now.
Luckily for us, she's not into anything that involves spending money right now. We pay for her clothes and gymnastics classes. Any 'luxuries' she gets by with her Christmas and birthday money.
Luckily for us, she's not into anything that involves spending money right now. We pay for her clothes and gymnastics classes. Any 'luxuries' she gets by with her Christmas and birthday money.
08-21-16, 05:41 PM
#15
DVD Talk Legend
Re: Parents, it's 2016: How much allowance do you give your spawn?
Our kids are adults so we're way past that. I think my wife used to give them money each week for doing chores, room clean, bathroom clean, etc. Nothing too big. We paid for all their activities, dance and karate, etc. As they got older and got jobs they had to pay for more and more. I still pay for my son's cell phone and my daughter's car insurance simply because we've never taken them off our plan.
They are both employed but my son still lives with us. My daughter was in S Korea for a year teaching and is going to Scotland for a year for her Master's Degree. My son seems to hang around but he is responsible with his money so we don't throw him out.
They are both employed but my son still lives with us. My daughter was in S Korea for a year teaching and is going to Scotland for a year for her Master's Degree. My son seems to hang around but he is responsible with his money so we don't throw him out.
08-23-16, 08:28 AM
#16
DVD Talk Hero
Re: Parents, it's 2016: How much allowance do you give your spawn?
When my daughter was in college I gave her $300 a month for "fun" money. Mainly because I didn't want her working (yes I know there is Benefit to having them struggle and have to fight for it). But I felt a degree so important I didn't want her to stop going. And figured if she focused and finished in 4 years (instead of 5+ that is often typical) I'd more than make up that money.
It worked perfectly. She graduated in 4 years with a B average.
Now that she is about to start graduate school (maybe it didn't work perfectly....lol) no more "fun money". I will pay for the basics of classes and basic boarding, but she must work, pay for book, parking, any extra curricular stuff, and make her own spending money. She is game...see how that goes.
It worked perfectly. She graduated in 4 years with a B average.
Now that she is about to start graduate school (maybe it didn't work perfectly....lol) no more "fun money". I will pay for the basics of classes and basic boarding, but she must work, pay for book, parking, any extra curricular stuff, and make her own spending money. She is game...see how that goes.
08-23-16, 09:26 AM
#18
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Re: Parents, it's 2016: How much allowance do you give your spawn?
Kids 11 and 9, and they get no allowance. They get enough for birthdays, etc that we don't feel it's needed. They both have a couple of simple chores (mostly taking care of the dog), but they do them for free. :-)
08-24-16, 05:50 PM
#19
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Re: Parents, it's 2016: How much allowance do you give your spawn?
Originally Posted by kvrdave
This is a more modern version of an allowance, especially for those whose grandparents, etc. make sure they always get enough for birthdays, etc. to where the only true motivator is to take away a phone. But what do you do when they have no phone to take away?
My kids have jobs they do for me. Help out with rentals, real estate, etc. They even earn a modeling fee for being on my card, and the government asked me about it 3 years in a row, but never said to stop. So with 3 kids, I pay them each $175 a month for all that they do. But here's the catch....the little bastards don't know they have this job. It gets paid to them into a checking account in both our names. I don't think they even know of these accounts. We may have discussed it early enough they don't remember as they don't bring it up. They may think it is the college fund, which is another nice help.
So for me, this allows me to deduct a bit over $5,000 a year, which saves me close to $2,000 in tax, social security, medicare, etc. But also, when they go school shopping and we decide on $50 for shoes, but they really want the $100 ones, I can take the difference out of that account.But mostly it just grows for bigger things, like my oldest "got" $5,000 for his first car purchase. It was a disaster he has learned many lessons from, and it doesn't piss me off because it was his money all along. It has also paid for their plane tickets, spending money, etc. when we go to Maui.
Honestly, it lets you really enjoy vacations and not see them as a financial burden where you worry about how much is spent, which is handy for family vacations. And it lets us take them more often.
My kids have jobs they do for me. Help out with rentals, real estate, etc. They even earn a modeling fee for being on my card, and the government asked me about it 3 years in a row, but never said to stop. So with 3 kids, I pay them each $175 a month for all that they do. But here's the catch....the little bastards don't know they have this job. It gets paid to them into a checking account in both our names. I don't think they even know of these accounts. We may have discussed it early enough they don't remember as they don't bring it up. They may think it is the college fund, which is another nice help.
So for me, this allows me to deduct a bit over $5,000 a year, which saves me close to $2,000 in tax, social security, medicare, etc. But also, when they go school shopping and we decide on $50 for shoes, but they really want the $100 ones, I can take the difference out of that account.But mostly it just grows for bigger things, like my oldest "got" $5,000 for his first car purchase. It was a disaster he has learned many lessons from, and it doesn't piss me off because it was his money all along. It has also paid for their plane tickets, spending money, etc. when we go to Maui.
Honestly, it lets you really enjoy vacations and not see them as a financial burden where you worry about how much is spent, which is handy for family vacations.
And it lets us take them more often.
