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How Much Allowance Should I Give My Kids?

Question

I have a few questions: In Teenproofing there is talk about allowance not connected to chores. I love the idea of teaching the kids about money responsibility, budgeting, etc., as discussed. Our kids are 12 and 8. We have not given them any allowance to date. They have regular chores and do not get paid for them. It is suggested that kids get $100.00 a month, and this never increases, which seems like a lot for our 8-year-old and even a bit much for the 12-year-old unless they are buying all their own clothes. We are thinking $20.00 a month to start with the idea they buy treats and toys they want between birthdays and Xmas. They both also get money from grandparents, etc., at Xmas, birthday, school completion and have a fair bit saved. Our 12-year-old has had a paper route for over a year now and saved about $700.00 in his bank account. Do we start small and increase? Start later than 8? Suggestions appreciated.

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