Allowance for a 7 Yo

Good for you! I looked on Love and Logic's website and they don't have anything free I could find pertaining to amount for a 7 year old. He definately should not be paid to do the things that he should do anyway, that's the problem with half the kids these days, they expect to get paid for everything even if it is their responsibility.
The Love and Logic school of thought was they can do "extra" around the house to earn money that are not tied to his responsibilties. You could give him $15 a week, but you also need to start him out right by taking applicable "taxes" out of what he makes as well. It helps teach fiscal responsiblity as well. You could always put that money away in a separate IRA for him or something.
Good luck!
C.

my son isn't old enough for an allowence yet, I think 15 a week sound like a lot, but on the other hand what will he be doing for his allowence, I agree chores should not be tied to it because chores are a part of life. 15 a week could be used as a learning opportunity, he could learn fractions, say he divides his money by percentages. Say 20% of his allowence goes into a savings plan, for like his college, then 10% is saved for a charitable cause of his choice, like toys for tots. Then 60% he can spend any which way he wants. Say there's a toy he wants, you tell him he needs to pay for half, then he can do the math on how much of that 60% he needs to save for his future toy. I think you have a HUGE learning opportunity in front of you.

L.,
My son has gotten an allowance sense he was 6 and now he is 8. I was watching something that financal advisor was talking about for kids and it was give them an allowance by their age. What I can not remember was that weekly or monthly. Well we desided was it is monthly. He gets $4 every two weeks, therefore $8 a month. He put half for saving and is able to send the other half anyway he wants. We have made saving so much fun that he asks to go to the bank all the time. He saves his spending money to buy bigger items or video games and it has made our spending less. Money is really tight and now he even offers to use his spending money to pay our movie tickets or other events. Which I think is so sweet and so responsible.

My kids aren't old enough for an allowance yet, but I still think $15 is a little much for a 7 yr old. What would he do with $60/month?? What about a dollar for every year old he is and then teach him good money management (ie saving, others, God, etc). It's a good opportunity for him to learn, but he can learn with a little. If he is trying to save to buy something big, you could always give him other jobs aside from chores to earn more. Just my opinion...good luck!

My son is only 3 and never having gotten an allowance, but always having got what I needed and more I'm not sure that I believe in an allowance. However, I realize that it can be a good way to teach children about money and 7 seems like a good age to start. That being said, 15$ a week sounds like a lot for a 7 year old, depending on what it is to be used for. A lot of commentators recommend teaching children to save a 1/3, spend a 1/3 and give to charity a 1/3. If that is the case, maybe 15$ is reasonable. If it is soley for him to use, I think more like 5$ a week is reasonable. After all, what does a 7 year old need money for? Ice cream and toys?

Hey L. .. i have a four year old and she get four dollars a week... for doing her share of work .. it isnt alot it is like cleaning her room... brushing her teeth ... brushing her hair .. but i think if it was for a seven year old i would proble pay like seven dollars a week .. but that is just me!! i hope this helps some

We have always given my daughter 1/2 of her age. She is 8, therefore she gets 4 dollars a week. That is MORE than enough.

I totally agree with you that $15 a week is a lot for a seven year old. We give our 7 year olds ten a week, and the almost 4 year old gets 5. Its enough to let them learn without spoiling and or teaching them bad habbits.

Hi L..
For a 7 year old, I think a $1.00 a day is plenty. Our son is 8 and gets a maximum of $1.00 a day, but his is behavior and responsibility based. We think that children need to learn to be responsible, but they also need to be children. He also puts $2.00 in his bank account toward saving for his future each week and pays off any 'debts' (college, apartment, new car, etc.). We love him and want him to be prepared for adulthood. You can only do your best and what you think is fair and best for him. Good luck and take care.
A. F

I do believe in the reward system but in a different way. I have a 8 1/2 yr old and a 7 year old, both girls. Plus a 7 year old nephew that is stayin with me. For the longest time my girls were asking for their own computer. I keep tellin them no no no. but then i realized i could use it to my advantage. They are learning more about computers in school plus as they get older it can help them with school projects. So i made a deal with them. I told them if they do their every day chores that i give them that i will give them 12 dollars. 6 in which will go towards the computer they want and 6 they can have for a good investment like ordering books from the book club at school. In actually reality they made the decisions to save the extra 6 dollars for weeks on end and my oldest wants to open a saving account. I look at it this way... i am teaching them about how to get things out of life. Like if they want that new car, oh yeah i have to work for it. Or i need that shirt over there for work..... hey i got the money in the bank. As for the toys and extra stuff they want we save all that for.. birthdays or holidays. (don't need extra junk in the house) My nephew has just jumped into the game and loves it tooo. I also have a 3 yr old neice living here too and she is loves helping out, like putting grocerys away (opps powder formula in the fridge lol) but her goals are a little different cause of her age. we do give her money but we save alot of it plus she is young so yes she does get something extra like that little toy from the dollar store she has being eyein for weeks. Hope this will give u an idea.

My son is 7 and we give him $3-$5 a week, but he has to earn them through chores. The more he does, the more he gets.

my seven yr old get eight dollar a week i think 15 is alot of money for a seven yr old that what we give the older three

HI L.,

My daughter is 5. She started getting an allowence when she was 4. She gets her age in money. So obviously she now gets $5.oo a week.

A DOLLAR A DAY PER HIS AGE..
$7.00 TO A 7 YEAR OLD IS JUST RIGHT !
TRUST ME ! 15.00 A WEEK ADDS UP

C. S-