I took to my facebook page to find out what my friends think. And this is what they said:
I say you should start young so that they learn early on about working and earning the money and about financial matters. If you start at an early age while their minds are impressionable, they just might learn good work ethics and financia...l management and they could become good habbits that will benefit them and stick with them their whole life. BUT, each child is different and some may be able to start earlier than other children so start small and step it up as they show they are capable of handling more work and higher allowances, that teaches them about earning promotion and raises when they enter the work force.
SARAH F (MOM OF 2): Just started an allowance with my 6 year old. She gets $6 a week. Her chores are: feeding the dog and cat every morning, putting her laundry away, setting the table for dinner and helping to make sure the toys are put away in the playroom. ...She already did a lot of her chores pre allowance, but now takes pride in helping around the house. She gets paid with "checks" drawn from "bank of mom" and has her own check register to keep track of her money. We are only 2 weeks into this, but she has realized things cost money and you get money when you earn it. I love that she is developing an appreciation for money. AND Keeping her check register is also helping her with math and writing -adding new checks weekly,a subtracting what she spends. She writes me a check when she spends money.
STACEY H (MOM OF 2): My kids don't get a regular allowance. But they do have chores and on occasion we will let them know that if they pitch in extra, they'll earn a little spending money. It's a great motivator. I'm not real excited to pay them for stuff they should be doing anyway... But when they pitch in extra, I'm all for it.
SIERRA R (MOM OF 4).Chores start at 1.5 or 2 - once they can pick up and put away. My older ones(4, 6, 8) help with dog feeding, taking out compost/recycling, cleaning their toys up (if they don't want mommys plastic donation bag to clean up for them), settin...g and clearing the table and matching socks. Cause i hate matching socks. No allowance. We did for a bit, and then it became too tit for tat and now we say as part of the family you help. When something comes up that they need money for - book fair, outings, vacations, etc, we give them an amount that they can spend. We do discuss how it is is spent.
AMY C: Kids should have standard chores just for living in the house. There should then be a tiered structure of available chores to EARN money. Allowance is not a right, it is a privelege!