When my son was 12 we gave him 10 bucks a week, 5 of which went into his savings account.
At 13, he asked if we could loan him the money for a lawn mower so he can earn his own money. We loaned him 150 dollars and he agreed to pay back 15 dollars a month. He spent his own money on business cards and my wife helped him with the flyers. He bought the ink and paper for the printer.
He paid us back in two months. Over the last 5 years, he started an ebay business where he helped people get rid of junk in their garage in exchange for a piece of the action. He became a referee, earning 30 bucks for 45 minutes of work.
He’s now a business major in college. Before he left for college, he gave us a check for the allowance we gave him when he was a kid. To the penny.
You guys are all rich!
My parents offered to pay me 2 bits a week .25 cents
They stiffed me many times..... I have some money in the bank and learned to be careful with my money
My older sister was given a credit card when she was about 16. She has been in debt ever since and at one time had to cut up her credit cards. She also borrowed money using her home (bought by parents) as collateral twice that I know of.
It might be best to give your kids chores to do instead.