How Much Allowance Do You Give Your Child?

May 28, 2009

All of my 3 kids are now of school age. The eldest is in Grade 6, the second is in Grade 1 and the youngest will be in Kinder class. I don't give the younger ones any money yet as they have packed snacks and lunch and we bring and fetch them to and from school. As for my eldest, I started to give him some money for allowance when he was in Grade 3. Last year, his allowance was P15 a day excluding his tricycle fare. For this year, we are negotiating the figure between P20-P30 a day. I give it to him daily because he refuse to accept one week's worth of allowance money. He said that the temptation to spend it all in one day may be too much for him. For this school year, I will give it to him weekly so he can already learn to manage his own money, and teach him to save also. We have already opened a Junior Savings Account for him last December and I told him that he can use that money to buy what he wants. I think he is saving up for a gaming console or something like it. When I asked him how much his classmates are getting, he said P100 a day, without lunch and snacks and including the P15 tricycle fare. Of course, he said that the P15 a day last year was not enough since because he buys juice and pasalubong for Ishi. Then he sometimes just walk from school with his friends so he also has extra money. I just hope that the allowance I am giving him is neither too little nor too much as I want to teach him proper money values.

What about you? How much allowance, if any do you give your child? If not, why not?

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