How to use the allowance tracker printable
- Enter the weekly allowance and a starting balance, and choose how many weeks to print.
- Optionally add a start date to print the date of each week instead of Week 1, Week 2.
- Fill in the weeks you already know: what was spent, what was moved to savings and any extra earned. Row 1 is week 1.
- Print the ledger. Weeks you entered show the running balance and the savings total, and the other weeks are left for you to fill in by hand.
Formula
Earned for a week = weekly allowance + extra earned
Balance = last balance + earned - spent - saved
In savings = total moved to savings so far
Money moved to savings leaves the balance and adds to the savings total. Amounts are handled in whole cents.
A $5 allowance with $3 spent
In week 1 a child earns the $5.00 allowance and spends $3.00, so the balance is $0.00 + $5.00 - $3.00 = $2.00. In week 2 the allowance adds $5.00, then $1.50 is spent and $1.00 is moved to savings, so the balance is $2.00 + $5.00 - $1.50 - $1.00 = $4.50 and the savings total is $1.00.
Through week 2 the sheet prints earned $10.00, spent $4.50 and saved $1.00, with a balance of $4.50. If spending is larger than the money available, the balance shows a negative amount and the tool says so under the preview.
Earned, spent and saved
The ledger follows three kinds of movement: money coming in, money going out, and money set aside. Splitting spending from saving makes it easy to see how a child divides each week's allowance. The balance column is what is left to spend, and the savings column keeps a running total of what has been set aside.
Extra earned is for money beyond the usual allowance, such as a gift or a paid job. It is added to that week's earned amount without changing the weekly allowance.
Using the sheet with a child
Filling in the ledger by hand each week is the point for many families, since writing the numbers helps a child see where money goes. Print several weeks at once and keep the pages in a folder. For setting a goal, pair it with the savings thermometer or the 52 week savings challenge.
To reward chores with stars instead of money, the reward chart for kids is a good fit, and the budget planner helps adults plan the household. The sheet makes no recommendation about how much allowance anyone should get.
Assumptions and limits
- The weekly allowance is the same each week.
- Row 1 of the entries is week 1, row 2 is week 2, and so on.
- Balances are worked out only for the weeks you enter. Other weeks are left blank.
- No interest, loans or fees are modeled.
Frequently asked questions
How do I track an allowance?
Write each week's earned, spent and saved amounts in a ledger and update the balance. This sheet works out the balance for the weeks you enter.
What is the difference between spent and saved?
Spent money is gone. Saved money moves to a savings total, so it leaves the spending balance but is still counted.
How much allowance should I give?
The sheet does not say. You choose the amount, and it does the arithmetic for the weeks you enter.
Why is a week's balance blank?
Balances are shown only for weeks with an entry. Weeks with no entry are left for you to fill in by hand.