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Ask HN: Allowance for kids?

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Re: Ask HN: Allowance for kids?

#41
post #24

I had a meger allowance of 0.25 USD per week. At the time, in my cohort, it was below average but at least it was something. What really benefited me was having a before school newspaper delivery job. I felt a responsibility to my employer and the subscribers and would get up early in the dark to walk though the cold Detroit winters to deliver papers every day. In retrospect, it was just the right level of challenge…

> a slide rule

Now that is interesting! Care to share the story behind that?

Re: Ask HN: Allowance for kids?

#42
post #36

I have a six-year-old and started giving him an allowance when he was five. The goals for the allowance are: 1. Teach him about saving and compound interest 2. Get him off my back for buying things Therefore, it's not tied to chores. Getting work out of him would be great but I figure the benefit of teaching him the benefits of saving are much more important. I pay him $5 a week because it's large enough that he can…

10% compound interest, compounded weekly? I can't believe you made it a a year, to be honest.

I retroactively instituted a $100 cutoff too. :-)

Re: Ask HN: Allowance for kids?

#43
We started giving our kids money to spend on a comic or similar at the corner shop as soon as they were old enough to handle it. From school age they had regular pocket money that they could save or spend. This was mostly not tied to chores, which were expected anyway, though we did give them opportunity to earn extra for doing extra chores when they were saving for something significant. From early teens we gave them a monthly allowance intended to cover clothes as well as spending money. I would say that they've turned out very good with everyday money and also very helpful about the house. They are all grown up now.

Re: Ask HN: Allowance for kids?

#44
post #17

Earlier quoted context omitted.

I used to think so too, then I had kids :) One interesting approach is to use snooping tools but to then explicitly tell the kids and to discuss the results periodically. I.e., "my job as a parent is to help you figure out how to be a grown up. Part of that is managing money. I noticed you spent money on X and wanted to talk about it" I think for the 'cellphone based GPS-tracking' there was also an explicit rule that…

This always puts it into a bit of perspective for me. We'd had, say, 99999 generations of people precede us. For 1 generation, we've felt that a vital component of every parent-child relationship is actually the United States Air Force Space Command and their array of 24 orbiting spaceships enabling us to pinpoint and record the geographical position of radio tracking devices in our childrens' pockets, via a world-sp…

Well, sure, but we've also had 99999 generations where things like 'infant mortality rate' is a very real, everyday concern, too. Here in the US, those in the middle-upper classes basically don't have to worry about that.

Think about it this way - it's 5pm. Your late-elementary school kid is always home by 3pm, or else they've texted/called you to let you know where they are. Today they didn't. It's 5pm. Things are probably fine, but you live in a city and sometimes bad things happen. Wouldn't you rather have a way of checking in, just to make yourself feel better?

We have these nice, new technologies that are changing how we live. Networked, pocket computer we keep calling 'phones'; data center clusters you can rent by the minute for your distributed applications; I could go on and on and I'm sure you can, too. Of course we're going to look at ways that we can parent differently, just like we're looking at different approaches to business, medicine, etc.

I think what's really interesting about this isn't a simple, binary yes/no on whether to do it, but the possibilities it opens up. It makes for an interesting discussion, if nothing else.

Re: Ask HN: Allowance for kids?

#45
post #39

My parents gave me a large allowance, but they didn't give me extra money if I needed it. That made me more independent. For practical purposes, assume 1 CHF = 1 USD (it's actually 1.04 USD, but close enough). Also note that my parents lived in the countryside and didn't have "curfew" rules. There was no bus to their house, so if I stayed out after they went to bed, I wouldn't be able to get back home! It was lonely,…

The current/saving and % of travel is a very interesting approach! I'm assuming that the numbers represent your monthly allowance?

Yes, that's right - those were monthly values.

I paid for half of my iPod (the other half was a Christmas present), all of my food expenses outside (but none if eating with my parents). Education was paid by my dad's job (CERN). They didn't pay for me to learn to drive, and I still can't (I bike to work). They now want me to pay rent if I want to live with them, which is why I call it "my parents' house" not "home".

The bleak reality is in most places I lived since, my disposable income (after food & rent) has usually gone down from that time, now I'm working.

Re: Ask HN: Allowance for kids?

#47

Earlier quoted context omitted.

The incredible amount of time my family spent maintaining, cleaning, improving, and repairing our suburban house definitely motivated me to choose housing as an adult that wouldn't require so much work.

Out of curiosity, how good are your DIY skills? Were you involved in said repairs/improvements or just an onlooker?

Decent. I got the spirit from my dad but most of the actual practice on my high school's stage crew, and a part-time technician job at one of my university's concert halls.

I couldn't finish a basement or build cabinetry from scratch like my dad did, but I can use a drill and table saw to put together sets that'll look reasonable at 30 feet. Or go at basic household issues with my bag of hand tools.

More to my interests, I can spec, build, configure, troubleshoot, solder, etc. my way around a performance venue's sound, communications, and lighting control systems.

Re: Ask HN: Allowance for kids?

#48

My parents gave me a large allowance, but they didn't give me extra money if I needed it. That made me more independent. For practical purposes, assume 1 CHF = 1 USD (it's actually 1.04 USD, but close enough). Also note that my parents lived in the countryside and didn't have "curfew" rules. There was no bus to their house, so if I stayed out after they went to bed, I wouldn't be able to get back home! It was lonely,…

Would you mind volunteering what decades this occurred during.

Re: Ask HN: Allowance for kids?

#49

No kids myself but my parents did not give me an allowance. Instead, they were very transparent about our finances. We were situated in the lower-to-mid working class, we have basics covered and some "fun money" but no vacations, new cars, little eating out, etc. If there was something my Brother or I needed (things we wanted but were not necessary were usually given as birthday/holiday gifts only), they would walk u…

I read this as if I would have wrote it.

I never got an allowance but I mostly got want I needed and wanted within reason. This was basically determined by the chores I did and how much I generally helped in the house.

My parents and grandparents always sat me down to do the monthly budget with them. I learned early on the way money flowed in and out of the household. That gave me a perspective on debt and credit that many of my friends didn't have.

I did get cash on birthdays and holidays and on some other special occasions.

Once I started working (around 13) that money was mine to do with as I pleased. There was a great sense of personal responsibility. I think that really helped me once I left my parents home at about 17.

I have no opinion on the "free" money of not doing chores. All kids and families are different. I will say that having my parents be honest about our finances and not shielding my as much did help me in the long run.

Re: Ask HN: Allowance for kids?

#50
post #41
post #24

I had a meger allowance of 0.25 USD per week. At the time, in my cohort, it was below average but at least it was something. What really benefited me was having a before school newspaper delivery job. I felt a responsibility to my employer and the subscribers and would get up early in the dark to walk though the cold Detroit winters to deliver papers every day. In retrospect, it was just the right level of challenge…

> a slide rule Now that is interesting! Care to share the story behind that?

I used that yellow Pickett slide rule from junior high school through my EE degree at MIT. It was a yellow Pickett model N4 (http://www.sliderule.ca/pickett.htm).

The slide rule was a wonderful thing for me. I got the idea that I would like having one from the book Have Spacesuit--Will Travel, by Robert Heinlein, a book I read when I was around twelve. The paper route a couple of years later gave me enough money that I could buy one.

Growing up in the 1950s and 60s, there were no computers used in everyday life. The slide rule was the only practical way to perform calculations quickly, sadly to only 3 significant digits. An important skill taught in High School back then was using tables of logarithms and trig functions to perform calculations (with this approach one can easily get 5 significant digits of accuracy). I still have my CRC handbook of Mathematics that I bought for myself in High School, I learned a lot by studying each formula and each kind of reference table in that book.

I taught myself to program from a book on Fortran in 1967. I was able to submit programs punched on cards to a friend who would run the program on the School district's single computer used in their administration building. A couple of days later I would get my listing back!

Like the TI Calculators today, slide rules were ubiquitous in my engineering classes. Although I went to college in 1969, I've taken classes at the local University as recently as ten years ago for fun. I brushed up on my long unused differential equations and learned some new things, a Graduate course on Combinatorics.

It's very interesting to see the difference between my approach to working through problems and the methods used by other students in my differential equations class. They would almost invariably reach for the calculator to work through a complex expression, entering each term and finally coming up with the answer. By habit, I normally simplify, factor and reduce the complex expressions before doing any arithmetic. The younger students are masters of the calculator; I'm not very fast with a calculator. I just never had access to a calculator while in school and never gained the proficiency of today's typical college students.

I've got an advanced TI calculator sitting in a drawer (and the old slide rule stashed somewhere in the house), but I never really use it. If I need to do some quick calculation my preferred method is to simply fire up the Python REPL in a terminal window.

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