The Financial Chronicles: A Money Guide for Kids

What kids are really thinking about money.

I didn’t know how expensive it was to be an adult until I paid for my first oil change and tire rotation for my shining silver Nissan. When the mechanic rang up my $40 oil change and the $30 tire rotation fee, my soul died as I meekly asked if he could put the tires back to where they were (a joke that he did not find amusing, I might add). That was an awakening for me — now every time I pay a bill, my bank account sheds a tear, and I yearn for the days that I could put my lost tooth under my pillow and wake up with a wrinkled, green dollar replacing it. 

On one occasion, the Tooth Fairy forgot to leave a dollar under my pillow, and I woke up feeling betrayed. To make up for the slacking fairy, my mom handed me a worn-out Ziploc bag of nickels and pennies. I was rich. Well, at least I thought I was. 

My experience with money as a child, and even now as an adult, is vastly different from others. After sending out a questionnaire to parents around Columbia to learn more about what kids are thinking about money, I must say, my Tooth Fairy did not appreciate my pearly whites nearly enough.

How much allowance do you pay your kids?

• We deposit $20 per paycheck cycle per kid to a savings account. Then they can earn spending money on chores. 
• They receive room and board.
• Nothing, but we do talk about earning toys.
• It depends on the age — 8 to 11 gets $20 to $25 a week; older than 11 gets $25 to $40 a week.

How old should kids be when they start earning an allowance?

• Any age after 6.
• Nine or 10 — depending on the chores they do.
• Ten years old.
• Fourteen years old.

How old should kids be before they are allowed to have a debit card?

• Twelve for girls and 18 for boys.
• Dad says 13, but mom says 14.
• High school, at least.
• College.

Ask your kids this: If you had $100, what would you spend it on?

• Legos and LOL Dolls.
• A Nintendo Switch for my 8-year-old. (It’s written on our fridge, and she is patiently waiting for me to match her $100 that she already has). The older boys say candy and spending cash when they’re with friends. 
• Gaming equipment or in-game currency.

If your kids save money, what mechanism do they use?

• A bank account with both parents’ names on it, plus a big jar for pocket change.
• A piggy bank.
• What’s savings?
• A bank account.

Do you expect your kids to work while they’re in school?

• No, they have enough on their plate with school.
• Yes, go get your own money and leave mine alone!
• Yes, but only when they’re not in sports.

What is the going rate for a babysitter?

• If it’s more than $30 an hour, we will never be leaving the house.
• It depends on the age. Our 28-year-old babysitter with an early childhood degree who works as a teacher makes $20 an hour, but $15 is more of an average rate.
• Fifteen dollars an hour for each kid.
• Ten dollars an hour.

Have your kids accidentally purchased things from Amazon or an app?

• Yes, $400 on apps from iTunes. 
• Never. They know way better than that. 
• Yes, $300 for toys in my cart.

Ask your kids this: Who’s in charge of money in your house?

• Dad makes it and mom spends it.
• Mom — she’s in charge of everything.
• Mom and dad, but mom mostly pays the actual bills. 

Ask your kids this: How much is a candy bar?

• A dollar. 
• Probably just $3.
• Ten dollars.

Ask your kids this: How much money do you need to have to be rich?

• A thousand dollars.
• Infinity and beyond.
• I don’t know — I’m not rich!

Ask your kids this: What are you saving your money for?

• My college and other needs. And my house. And a phone. 
• To buy toys.
• To buy a movie production company.
• I’m saving money just to save so I know I have money if I need something.

Ask your kids this: How much do you think a house costs?

• The price varies depending on the house. Some cost $1,000, but I’d say on average $100,000 to $150,000.
• Around $25,000.
• Thousands. 

How much does the Tooth Fairy pay in your house?

• It can range from $1 to $10. Whatever is handy when I wake up and panic because I forgot, or whatever the older siblings have handy to loan me. 
• Nothing. Usually because they forget to come, but sometimes a dollar. 
• Twenty dollars. 
• Negotiations are still ongoing, but I’m willing to go as high as $1.