Allowance with parent-paid interest
Paying children interest on what they save, so they see money grow week by week. Worked examples at real ages.
The numbers
| Interest paid by the parent | After 13 weeks | After 26 weeks | After 52 weeks |
|---|---|---|---|
| No interest | $52 | $104 | $208 |
| 1 in every 100, each week | $55.24 | $118.10 | $271.08 |
| 2 in every 100, each week | $58.72 | $134.68 | $360.07 |
Saving $4 a week (the save jar of a $10 allowance split 50/40/10), interest added weekly on the balance, as TaskFamily's savings jar does. High weekly rates make the effect easy to see but get expensive for the parent, so many families cap the balance that earns interest.
TaskFamily runs this for you: an automatic weekly allowance, spend, save and give jars per child, extra jobs children can propose with a price, and a savings jar with interest you set.
Free for one household. Premium is $5.99 a month or $49 a year for the whole family, never per child.
Keep reading
Every amount is computed with the same functions as our allowance and savings goal calculators. Rules of thumb, not advice on what to pay. The guide text is drafted with AI from these numbers and checked automatically before it is published.