Weekly Allowance
$8.00
Annual
$416
Age
8
Weekly Allowance
$8.00
Age 8 × $1.00/year
Save
$125/yr
Spend
$208/yr
Give
$83/yr
Inputs
Result
Allowance = $1.00 x 8 = $8.00/week. Annual = $8 x 52 = $416. Savings = $416 x 30% = $124.80/year. Monthly savings = $10.40. At 4% for 60 months: FV = 10.40 x ((1.00333)^60 - 1) / 0.00333 = ~$680.
Inputs
Result
Allowance = $0.75 x 12 = $9.00 biweekly. Annual = $9 x 26 = $234. Savings = $234 x 40% = $93.60/year. Monthly = $7.80. At 4% for 72 months: FV = 7.80 x ((1.00333)^72 - 1) / 0.00333 = ~$606.
The most common guideline is $0.50 to $1.00 per year of age per week. A 10-year-old would get $5-$10/week. Some families use $0.50/year for younger kids (5-8) and $1.00/year for older kids (9-15). Annual allowance at $1/year for a 10-year-old = $520/year.
| Age | $0.50/Year | $0.75/Year | $1.00/Year |
|---|---|---|---|
| 5 years | $2.50/week | $3.75/week | $5.00/week |
| 8 years | $4.00/week | $6.00/week | $8.00/week |
| 10 years | $5.00/week | $7.50/week | $10.00/week |
| 13 years | $6.50/week | $9.75/week | $13.00/week |
| 15 years | $7.50/week | $11.25/week | $15.00/week |
The save-spend-give model teaches children to divide their allowance into three categories. A common split is 30% savings, 50% spending, and 20% giving. For a $10/week allowance: $3 goes to savings, $5 to spending, and $2 to charity or gifts.
| Split | Save | Spend | Give | $10/Week Example |
|---|---|---|---|---|
| Conservative | 40% | 40% | 20% | $4 / $4 / $2 |
| Standard | 30% | 50% | 20% | $3 / $5 / $2 |
| Balanced | 33% | 34% | 33% | $3.30 / $3.40 / $3.30 |
| Spending | 20% | 60% | 20% | $2 / $6 / $2 |
If a child saves 30% of a $8/week allowance ($2.40/week = $10.40/month), at 4% interest in a savings account, they accumulate $693 in 5 years and $1,507 in 10 years. The interest earned is $71 over 5 years and $260 over 10 years, teaching the power of compound growth.
| Monthly Savings | 5 Years (4%) | 10 Years (4%) | Interest Earned (10yr) |
|---|---|---|---|
| $5/month | $333 | $725 | $125 |
| $10/month | $665 | $1,450 | $250 |
| $20/month | $1,330 | $2,899 | $499 |
| $30/month | $1,996 | $4,349 | $749 |
Financial experts recommend starting allowance between ages 5-7 when children understand basic counting and exchange. Start simple with coins at age 5 ($2-$3/week), introduce the save-spend-give concept at age 7-8, and add budgeting responsibility at age 10-12. By age 13+, consider including clothing or entertainment budgets.
Financial experts are divided. Many recommend a base allowance not tied to chores (teaches money management as a life skill) plus optional paid tasks for extra earning (teaches work ethic). Base chores like making the bed are expected as family contribution; extra tasks like washing the car can earn additional money.
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Last Updated: Mar 25, 2026
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