We have tried different methods for giving our kids an allowance. This is the method we finally settled on: each kid "earns" 25 cents per year of age, per week. We keep track of their weekly allowance in a spreadsheet. They put 50% into savings, give 10% to church, and the remaining 40% is theirs to spend. We also do this with any cash gifts they receive for birthdays and Christmas, as well as income they earn from other ventures. The money is kept in our own checking account. When we go shopping, we pay for the items, but save the receipts and deduct the amount spent from their allowance spreadsheets. This has worked well for our family.
Last night Mitch was working on the spreadsheets. He called the kids in one at a time to let them know how much they had in their accounts. He called Malachi in and said, "You have $27 in your account."
Malachi ran from the room yelling, "Hey Guys, I have twenty THOUSAND dollars in my account!"
Whoa! That's quite a payday!!