How much spending money should an 8-10yo have?
I'm curious, what do your young children (8-10 year olds) spend their own money on? My child has money he gets from gifts, finding change in pocket while doing laundry or on floor while cleaning (which he can keep), and some extra tasks he gets paid for (like tutoring younger sibling, doing chores not assigned to them, babysitting, etc.). Our rules are he has to put 50% of it in the bank to be saved for car or large parent approved purchase (likely a cellphone in a few years), and the other 50% he gets to keep for spending. Anything above the 50% he adds to the bank account we match to encourage more saving. The amount he keeps for spending in his piggy bank he uses to bring to school to buy candy or other stuff from various fundraisers, buy school lunch (we always send home-made lunch with him but if he wants to buy lunch or snacks he is allowed to use own funds), uses during the Scholastic book fair to supplement the funds we give him, uses to buy gifts for family (sometimes as we encourage hand made gifts), and birthday gifts for some of his friends (we cover most of them, but some he contributes to in order to make it nicer).
I know roughly what balance he carries in his spending money fund (and his saving account is on track and doing well) and as we are making the decision to implement an allowance for him we are curious other other kids use their free-to-spend money on in order to set his allowance accordingly (or not do it at all) or increase the expenses he is responsible for.