How long for a 12-year-old to save $500?
Saving $500 from the save jar of a 12-year-old's allowance takes 105 weeks at one dollar per year of age, less with interest or a bigger rule.
Saving $500 at 12
| 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 | $6 | $2.40 | 209 weeks | 83 weeks | 84 weeks |
| $1 per year of age | $12 | $4.80 | 105 weeks | 57 weeks | 42 weeks |
| $1.50 per year of age | $18 | $7.20 | 70 weeks | 44 weeks | 28 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
- snacks and outings with friends
- games, books and hobby supplies
- gifts for family
Money skills to practise
- planning a month ahead
- saving for something bigger
- seeing interest add up
At one per year of age the whole year's allowance is $624.
In TaskFamily your child names a $500 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.
Keep reading
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.