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All About Allowance

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Allowance. It can be a touchy subject. How much do you ask for? How do you spend it? And most importantly, how do you save it?


How Much Allowance You Deserve

Allowance is something you have to earn, usually by doing chores. Most kids have weekly chores, whether it’s taking out the trash, washing dishes, mowing the lawn, looking after their little siblings, etc. You and your parents should agree on a set rate for each or all of the chores you do. Here’s a guide to help you.


List of Chores and How Much You Can Earn

  • Washing a car - $5.00
  • Walking the dog - $2.00
  • Shoveling the snow of the driveway - $8.00
  • Raking leaves - $5.00
  • Mowing the lawn - $3.00
  • Vacuuming - $3.00
  • Washing Dishes - $2.00
  • Laundry - $3.00
  • Taking out the trash - $1.00
  • Reorganizing a cupboard - $3.00
  • Cleaning the bathroom - $5.00
  • Cooking Dinner - $3.00

How To Spend Your Allowance

Nowadays, $10-$20 a week doesn’t buy you much. But if you spend wisely, you can make it stretch. Instead of buying lunch at your school cafeteria, bring your own. Or if you have to buy lunch, choose the healthy, protein-rich dish that will keep you full. That way you can avoid buying extra snacks from the vending machine, which will save you money and keep your body healthy. And don’t go crazy with those iTunes songs! Just buy the ones you really need, not the whole CD. $1.25 each can add up really fast!

How to Save Your Allowance

Out of sight, out of mind. If you really want to save money, you need to keep it hidden. Either open a savings bank account, or use a box or piggy bank. Here’s a tidbit: If you saved $5 every week, you’d have an extra $260 dollars at the end of the year! After 5 years, that’s $1300! Just think of the possibilities!


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Poll

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What Do You Save Your Allowance For?