Allowance for 8 year old
My eldest is 8 and has been asking for an allowance for about a year now. We have been giving him money on and off for activities, trips to a store with a parent where he gets $x and allowed to spend it on one thing or add it to his savings, and as gifts for occasions, but nothing consistent. He is an amazing kid and very helpful around the house and watching younger siblings (he is better than a paid mother helper when it comes to watching and caring for his young toddler sibling while I work from home on school closure days) and we don't pay him for any of that, so decided to start giving him an allowance since I like it more than paying him for house chores/babysitting (with parent at home always, but still very helpful). He mostly wants to use it for purchases that we don't want to spend money on but he wants and for in-app purchases, and buying apps or video games that we don't buy for him (outside of birthday/special holidays). He has a piggy bank where he saves his money in his room and spends it periodically when there is something he wants, and we might get him a bank account soon. I'm interested in crowd sourcing as to what is a reasonable amount for an 8 year old? He told me his friends are getting $20/week, which seems high to me since it is around $1,000/year of discretionary spending for a little kid who already has everything he needs purchased for him, but we can afford it and if that is what his friends are getting I guess it is ok, but I'm curious as to what others are doing. If we do the $20/week, I'm thinking of splitting it with $10/week goes into his piggy bank for him to control and the other $10/week going into his bank account to be saved for larger purchases he might be saving for that he can spend with parental approval (like a new video game system, a phone when he gets older, or other more expensive items). He is my eldest and I never received an allowance growing up so really not sure what is reasonable here.