How the allowance calculator works
The calculator adds up 52 weeks of allowance for each year until age 18, raising the weekly amount by your yearly percentage. Each year the saved share goes into a savings pot that earns interest.
Savings = previous savings × (1 + interest) + Year allowance × saved %
A common starting point is $1 per week for each year of age, raised on each birthday, though families vary widely. Consumer surveys find US children typically receive around $30 to $40 a month. Many parents tie part of the allowance to chores and split it into spend, save and give jars.
Worked example
An 8-year-old receives $10 a week with a 5% raise each year and saves 20%. Over 10 years the allowance adds up to about $6,541, and the saved share, earning 3% interest, grows to about $1,480 by age 18. By 17 the weekly allowance has risen to $15.51.
Frequently asked questions
How much allowance should a child get?
A popular rule is $1 per week per year of age, so $8 a week for an 8-year-old. Choose what fits your budget and what you expect the allowance to cover.
Should allowance be tied to chores?
Families differ. Some pay for extra chores on top of a base allowance so that basic household help remains expected.
At what age should allowance start?
Many experts suggest around age 5 or 6, when children can count money and understand saving for something.
Should kids save part of their allowance?
Saving a fixed share, such as 10% to 20%, builds the habit early.
Updated October 2026. Results are estimates for education, not financial or medical advice. All math runs in your browser; nothing you type is sent anywhere.