[Julie Vazquez]

How should you determine the amount of allowance your child gets? Do you think they should be paid by their age, $5 for a 5-yr old, $6 for a 6-yr old, etc.? Or do you think they should be paid depending on the task at hand? $2 for taking out the trash, $5 for mowing the lawn, etc.?

Source: Suze Orman's Four Top Financial Lessons to Teach Your Kids by Aaron Crowe.

Disclaimer: Poll was edited after the original posting and votes were cleared.

[jhamilton]

My vote is for both. I currently use Aaron's method for my 5-yr old. However, I agree with Suze's method for older children such as teenagers.

Aaron's method allows me to ensure that my daughter completes all the chores that I select for her. These chores are things that I want to become habit and are essential to one's being, ie: setting the table, cleaning the bed and bath rooms, sweeping.

Suze's method is great for older kids who are capable for more manual labor and concentration to get all those extra's done that I don't want to do. It may be great to make Suze's method in addition to Aarons. Have your must have's for basic salary and then the add-ons (ie: bonuses). Complete your basic's for x amount of dollars and then earn an additional $2 or what have you for going above and beyond.

[john b]

You guys are so smart and organized! I just follow my wife's lead on this one. Currently we are giving bonuses of fifty cents to get school work done promptly.

[fun7684]

I also use both methods, they get an automatic amount and can do add ons for a certain dollar amount

[SerenityNay]

Ofcourse age in my opinion applies to kids whose behavior earns their allowance. I don't think it should be based on chores

[the3charmers]

Definitely not base on their age, it has to be base on some kind of work ethic. I think base on age, the kids tend to grow up with some sense of entitlement. Well, this is my point of view and base on what i have seen amongst family members while growing up. My oldest is 7yrs and does not get an allowance. If and when we do decide to start such thing it will be based on particular chores not including homework completion or anything book/school related, neither will it include maintenance of room and toys.

[mtsnorider]

Our kids really don't get an allowance. They get grade money for As only. They get cash from us on ocassion but not often. If they receive cash for gifts that is usually put away in a savings account. If they receive gift cards those are theirs to spend.

[EStimpert]

I have specific prices set for each chore. (I got this from Dave Ramsey). They can do all of the high payin chores AFTER they do all of the smaller ones as well.

[Patty Gale]

We don't give cash for A's, but we will take my daughter out to dinner for a great report card. She's 10 an her money is earned by the jobs she does around the house, not by age.