Comments on: Investing A Young Child’s Allowance

By: Somebody Annonymous

Somebody Annonymous — Wed, 30 Jul 2008 14:36:49 +0000

Hey….Im a kid and I’m 11 yrs old and I don’t even get an allowance…..maybe you should talk to my parents about that! I NEED MONEY!!!!!!!

By: Tyson Yates

Tyson Yates — Wed, 25 Jul 2007 02:38:46 +0000

I believe in $1 a week for each year the child is old.At 16 they would get the amount of the family allowance and stop getting allowance at 18.I disagree with the last comment I made as it isn’t even enough to live on these days.

By: Tyson Yates

Tyson Yates — Tue, 24 Jul 2007 22:04:18 +0000

Personally I believe in $1 a week for each grade level.At 16 I would supply the amount of the family allowance which they would continue to get until age 18.

By: ken

ken — Wed, 11 Apr 2007 17:02:33 +0000

I found this website while searching for what others recommended for allowance for children. I’m glad I read your post, very informative and really got me thinking.

By: Mac’s Money Blog » Weekly review

Mac’s Money Blog » Weekly review — Fri, 10 Nov 2006 23:53:11 +0000

[...] Trent over at The Simple Dollar has a good post about how he plans to invest his son’s allowance. I think it is wonderful that he is thinking so far ahead. Read all about it. He also gets double dibs this week with this post on a personal diary for his financial ideas. A good read. [...]

By: Robert

Robert — Fri, 10 Nov 2006 23:49:02 +0000

That sounds like a good plan. Maybe you could let him buy a couple of candy bars though :-)

By: Trent

Trent — Thu, 09 Nov 2006 20:36:56 +0000

Trust me, he’ll be doing plenty of chores. He’s already making some rather interesting attempts at “helping;” yesterday, he answered the phone and kept yelling “Dad!” at the caller.

By: Maria

Maria — Thu, 09 Nov 2006 20:29:24 +0000

At least give him some chores! My son is 20 months and he takes out the garbage, helps me unload the dishwasher and helps bring in the groceries. I am going to start giving him an allowance at age 2 ($2/wk).

By: Trent

Trent — Thu, 09 Nov 2006 19:59:14 +0000

My plan is that when he’s ten I’ll let him be involved in the investing decisions, but he won’t be able to actually touch the money until he’s legally an adult. That’s why I’d like to have the money liquid when he’s ten, so that at that point we can sit down and discuss risk and reward and such. I can spend eight years slowly reinforcing some investment and saving principles in him.

By: Robert

Robert — Thu, 09 Nov 2006 19:44:44 +0000

Do you plan on giving a ten year old $3000? Believe me, money is conceptually challenging for any kid until they get a job and understand what a dollar is really worth. That isn’t to say that you won’t be a good teacher and help to understand how that money grew, but 3 grand to a 10 year buys a lot of candy bars :-)

I applaud your efforts though. The sooner you can get them to understand how money works, the better off they will be. I wish I had started much sooner with kids.