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Allowance Calculator for Kids

Choose an amount per year of age (for example 1 a week for each year), add any fixed amount, set the share to save and a savings goal. The calculator shows the weekly allowance, monthly and yearly totals and how many weeks it takes to reach the goal. An 8-year-old on 1 per year of age saving 25% reaches a goal of 30 in 15 weeks.

Your details

A common family rule is a set amount for each year of age; choose what suits your budget.

Results

Weekly allowance

$8.00

$34.67 a month, $416.00 a year

Time to reach the goal

15 weeks

Saving $2.00 a week

Show the working
  1. Fixed + age × amount per year0 + 8 × 1 = 8
  2. Goal ÷ weekly savings⌈30 ÷ 2⌉ = 15

How to use the allowance calculator

  1. Enter your child’s age.
  2. Enter an amount per year of age per week, a fixed weekly amount, or both.
  3. Set the share to save and a savings goal.
  4. Read the weekly, monthly and yearly allowance and the weeks to the goal.

How the calculation works

Weekly allowance = fixed amount + age × amount per year of age. Monthly = weekly × 52 ÷ 12. Yearly = weekly × 52. Weekly savings = weekly × share to save. Weeks to goal = goal ÷ weekly savings, rounded up.

Worked examples

Eight-year-old. 1 per year of age: 8 a week, about 34.67 a month and 416 a year. Saving 25% (2 a week) reaches a goal of 30 in 15 weeks.

Fixed plus age. 2 fixed plus 0.50 per year of age for a 10-year-old: 7 a week.

How to interpret the results

Use the numbers to agree a clear plan with your child: how much, when it’s paid, what it should cover and how much goes into savings.

Tips and common mistakes

  • Be consistent about payday.
  • Agree what the allowance covers, such as treats or games.
  • Let children make small mistakes with money; they learn from them.
  • Review it on birthdays as responsibilities grow.

Money skills by age

Younger children can start with counting coins and choosing between two treats. Older children can manage a weekly budget, compare prices and save for something bigger. Teenagers can take on a monthly amount that covers more of their own spending. The Consumer Financial Protection Bureau’s Money as You Grow has activities for each age.

Spending, saving and giving

Some families split an allowance into three jars: one for spending, one for saving and one for giving to a cause the child chooses. Use the share to save for the savings jar, and agree the split for the other two. Seeing the jars fill helps younger children understand money that is set aside for later.

Limitations

The calculator does simple arithmetic. It doesn’t suggest an amount or include interest on savings.

Frequently asked questions

How much allowance should a child get?

There’s no official amount. Many families use a rule such as a set amount per year of age per week, then adjust it to their budget and what the allowance should cover.

Should allowance be tied to chores?

Families choose differently: some pay for chores, some give a set allowance and expect chores as part of family life, and some combine both.

How do I teach saving?

Agree a share to save and a goal, and let your child track progress. The calculator shows how many weeks it will take.

At what age should allowance start?

Many families start when children begin to understand counting and choosing what to buy. The CFPB’s Money as You Grow has age-by-age money activities.

Can I share the plan with my partner?

Yes. Copy share link stores the numbers in the link itself.

Should I pay allowance weekly or monthly?

Weekly suits younger children, who find it easier to manage small amounts often. Teenagers can learn budgeting with a monthly amount.

Should I pay interest on savings?

Some parents add a small bonus to encourage saving. The calculator doesn’t include interest, so treat any bonus as extra.

Sources