With allowances, it seems like I hear the same broken record erh CD that keeps playing the same song: “3 separate banks, 1 for savings, 1 for spending, and 1 for charity“.  It’s always the same message over and over.  And of course it’s always an even split between the three (so 33% each).

I’m going to challenge this “taken for gospel” line of thinking!  First, I think that this Mantra should really only apply to the rich folk (if they want to)!  Their kids are probably getting over 5 times as much as my kids for allowance.   So paying 30% to charity probably wouldn’t faze them much.

So I decided to bend the rules and give my interpretation of what the allowance percentage each socio-economical (upper middle, middle and poor) classes should pay.  We already discussed the rich up above, but I would like to say, I honestly don’t believe the majority of them force their kids to dole out 30% to charity either!

Upper Middle Class:

This group is the impressers!  I’m sure they are the closest group to contributing the full proscribed 30% allocation that they believe the rich follow.  And since they can afford it, they can do as they believe.  I would guess that the average 10 year old in this group could potentially make anywhere from 50 to maybe 100 dollars a week.

Middle Class:

This group is the silent masses, they represent around 60% of the population.  Most of us that do give allowances to our kids, give a dollar amount of the age of the child.  so my 6 year old gets $6 and my 9 year old gets $9.  I’m sure a good percentage of us follows that 3 by 30% rule, but not me.  My kids split the allowance around 50% for savings, 50% for spending.  They also get piggy bank money, and 50% of that goes to charity.  We only give to charity at Christmas time.   If you take the sum of all their money, The charity portion averages out to be about 10% to 20% of all of the money they get from allowance and the old piggy bank.

Why Christmas?  Because for one, this is the time to be charitable!  We all have that extra warm feeling in our heart and soul to go that extra mile to help our fellow human beings (or at least that’s the way I feel).

Working Poor and The Poor:

These groups, if they do give an allowance, most likely give less that a $1 per age.  And even then they really shouldn’t!  They just can’t afford it.  They shouldn’t have to feel the guilt associated with the 3 by 30% generally accepted rule.

So the next time you hear that liberal message on how to divy up your money… ask yourself, does it make sense for you and your family at this particular time in your life!

Tell me what you think?  Does what I say make sense, or should I force current societies socialist views on the distribution of wealth to  my kids?

After all, how can I teach my kids to work for a dollar, when he would be literally giving away his money to people that don’t?  What kind of screwy financial lesson would that be?!?

-D