Alex Bodnar: Oh, about the allowance (mm-hmm) topic? Mmm, I think uh *it* makes good points and uh, I generally, sorry I generally agree with the article, um, that one one person said that uh, they should, children should not be given money for just normal house duties. I can agree with that, uh but for maybe extra work around the house maybe a little bit of reward is a good idea.
José: When I was growing up if I remember properly, I got five bucks a week period.
José: Even if I was sick that whole week. “Wow”- that’s a lot?
Alex: Mmm, well how long ago was that?
Alex: Like 20 years, 30 years…
José: I don’t know, I think I remember we were still using stone tools…no no um uh, no no no, uhh… OK. OK, I was…
Alex: I’m thinking of inflation here.
José: …twelve, ten ten, forty years ago.
Alex: Okay, so five dollars a week 40 years ago, uh, in today’s money ($12) inflation…
José: $12 – $13 a week (mm-hmm) today? Oh I don’t think that’s that much.
Alex: I suppose you’re right.
José: You know, what is a meal at McDonald’s these days? I mean if you think about Canada, six dollars? Five dollars?
Alex: Yeah yeah that’s true, that’s true, yeah.
José: So you’re down to three, you know you’re down to a nice weekend and if you’re lucky you’ll save a couple of dollars at the end of the week.
Alex: I was in a unique situation. Uh, I didn’t really get an allowance per se because uh, we had a family business. My parents owned a convenience store, so I I uh- in the beginning I was like mainly free help, kind of you know, uh, here and there. But eventually I started getting paid and my, you know, my father opened up (what age?) bank accounts.
José: What age did you start getting paid at?
Alex: I can’t remember, um…
José: You were still a teenager or not yet a teenager?
Alex: Just becoming a teenager I think, before I entered high school.
How much money did José make a month when he was a kid?
How were José’s and Alex’s situations different in terms of receiving an allowance?
How much is $5.00 in the year 1973 worth in terms of value in the year 2013? Answer: $27.79. José’s estimate was way off!
Image courtesy of Money Finance Journal
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José Domingo Cruz
Vancouver, British Columbia
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