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Allowance Calculator

See how a weekly or monthly allowance adds up, how much gets saved, and how a little interest grows the balance over the years. Enter your numbers and press Calculate.

Written by TopicDrill Editorial Team·Updated June 2026

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Allowance details

Fill in the details, then press Calculate.

$

Savings balance

$1,366

Money saved$1,300
Interest earned$66
Spending money$1,300

Total allowance paid out $2,600.

Savings balance over time

$0$342$683$1.0k$1.4k0 yr3 yr5 yr

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How the allowance calculator works

Pick how much you pay and how often, and the calculator turns it into a yearly total. It then takes the share you choose to save, sets it aside, and applies your interest rate month by month. The chart shows the saved balance climbing as the years pass.

The result splits the money three ways: the part that gets spent, the part that gets saved, and the interest that the saved part earns. That makes it easy to talk through choices with a child without getting lost in the math.

A quick example

Pay $10 a week and save half of it. That is $520 a year, with $260 set aside. Over five years the saved portion alone reaches about $1,300, and a small 2% rate nudges it a little higher. Seeing that number grow can make saving feel worthwhile.

Teaching money habits

An allowance is one of the first chances a child has to make real money decisions. A simple save, spend and give split builds good instincts early. When you are ready to compare longer-term growth, try our compound interest calculator or browse all of our free calculators.

Frequently asked questions

How much allowance should I give?

There is no single right number. A common rule of thumb is about one dollar per year of age each week, but families set amounts based on budget, chores and local costs. Use the calculator to see the yearly total at any amount you choose.

How does this calculator handle saving?

You set the percent of each allowance that is put aside. The calculator adds that saved portion to a balance and applies the interest rate you enter, so you can see both the spending money and the growing savings over time.

Should a child save part of their allowance?

Setting aside even a small share teaches the habit early. Many parents use a save, spend and give split. Watching a balance grow, especially with a little interest, helps a child connect patience with reward.

Is the interest rate realistic?

A kids' savings account often pays a small rate, while a parent match or a high-yield account can pay more. Enter whatever rate fits your situation, or set it to zero to see plain saved totals without any growth.

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