How long for a 5-year-old to save $1000?
Saving $1000 from the save jar of a 5-year-old's allowance takes 500 weeks at one dollar per year of age, less with interest or a bigger rule.
Saving $1000 at 5
| 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 | $2.50 | $1 | more than 10 years | 154 weeks | 400 weeks |
| $1 per year of age | $5 | $2 | 500 weeks | 122 weeks | 200 weeks |
| $1.50 per year of age | $7.50 | $3 | 334 weeks | 103 weeks | 134 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
- small treats
- stickers or a small toy they save up for
Money skills to practise
- coins and notes have different values
- money runs out
- waiting a few days for something
At one per year of age the whole year's allowance is $260.
In TaskFamily your child names a $1000 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.