Do your children get an allowance?

[myself]

Originally Posted by disneysteve

My daughter is 11. She currently gets $4/week, paid to her once a month as a deposit into her "Bank of Dad" account (an account that I maintain and pay interest on).

I think we started around age 7 with $2/week, later raised to $3, then $4. Initially, her "bank account" paid 5% interest/month. It's now down to 2%/month, still very generous. The point has been for her to understand the value of saving and compound interest.

There is a very good book called "First National Bank of Dad" by David Owen. I think it gives a great plan, including your own bank and how to set up a brokerage for your kids when they are a little older.

Steve,
Out of curiosity, had you pondered putting it into an ING Direct (current 4.5%), or Emigrant Direct (current 5.05%) account, on her behalf?
The only reason that I ask, is we've had money in both accounts, and presently we have our 4 children's savings account at ING.

[myself]

Originally Posted by baking23

I'm not a parent, however I can remember what my parents did, which I think worked pretty well.

In elementary school we had chores, and allowance weekly, they were separate and we had to contribute to the family regardless of getting the allowance. although we were paid for doing extra chores. $3-5 in elementary. Jr. high I think it was $10, and high school $15. College was $20 but my parents didn't know I kept sneaking it back to them, since I was working all the time too.

They empathized saving but we could do whatever we wanted with it.

Wow, and you had college? (note that you mentioned empathized, not emphasized).

FWIW, I'm truly just kidding. I find myself using dictionary.com from time to time.

[crfga]

Allowance? Why not get your own business, there are lots of them out there.