How long for a 7-year-old to save $100?
Saving $100 from the save jar of a 7-year-old's allowance takes 36 weeks at one dollar per year of age, less with interest or a bigger rule.
Saving $100 at 7
| Rule of thumb | Allowance a week | Save jar a week | Save jar only | With 2 in every 100 a week interest | Saving all of it |
|---|---|---|---|---|---|
| $0.50 per year of age | $3.50 | $1.40 | 72 weeks | 45 weeks | 29 weeks |
| $1 per year of age | $7 | $2.80 | 36 weeks | 28 weeks | 15 weeks |
| $1.50 per year of age | $10.50 | $4.20 | 24 weeks | 20 weeks | 10 weeks |
The save jar is 40 of every 100 of the allowance. Interest is paid weekly by the parent on the balance, as TaskFamily's savings jar does.
What the money usually covers at this age
- treats and small toys
- a gift for a friend's birthday now and then
Money skills to practise
- counting change
- saving for two or three weeks
- comparing two prices
At one per year of age the whole year's allowance is $364.
In TaskFamily your child names a $100 goal, the save jar fills every week and the goal date moves closer, so waiting becomes something they can see.
Free for one household. Premium is $5.99 a month or $49 a year for the whole family, never per child.
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Every amount is worked out 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.