Allowance. Is it good or bad?

Allowance, in the past, has been used as a reward for children to provoke them into doing their daily or weekly chores. While this has proven effective in the past, the allowance method has evolved into something much more educational and more useful. If you’re considering an allowance for your children or are looking for an original way to teach your kiddos about the importance of money, keep reading.

Kids and Allowance

These days, our children almost expect an allowance. This isn’t a good or bad thing, however, allowance is an important tool that us parents should take advantage of. Allowance for chores is the most popular technique used by parents in order to get their children to complete their daily or weekly responsibilities. Yet, there are some new allowance ideas that dive deeper than just allowance for chores.

Chores For Money?

Author Beth Kobler, has made the exceptional suggestion that kids should only be rewarded for the extra effort. Chores are not negotiable, they are a part of your child’s regular responsibilities, whether or not they want to do them. Being a part of a family means picking up the slack from others, taking the trash out without being asked, and throwing a load of laundry in the dryer for your mom. As an adult, we don’t get compensated for our daily duties, only when we put work in do we get paid. This is an important life lesson children need to learn at a young age.

Chore Charts are Dead

A chore chart for kids allowance is another way of rewarding your child for basic responsibility. I remember as a child checking the chore chart for the easiest and quickest chore I could do just so I could earn a couple bucks. This is not the mindset we want to instill in our children. For example, one-fourth of millennials are over $30,000 in debt. Only 22 percent of millennials are debt free. This has resulted in the banishing of saving accounts and the putting off of marriage and children. It’s time we teach them about the importance of money early on in life.

How Much Allowance Should a Child Get?

It has been said that for each week a child should get $1 for each year of age. For example, if your child is 12, they would get $12. You also could budget out what you would like them to pay for. For instance, money for the ice cream truck or for a new video game, and grant them that amount every week.

As your child gets older, they should be given more responsibility. Consider letting your child budget an allowance of $200. If they go on a spending spree and are left with no money for a movie they want to see with their friends, don’t bail them out. Let them learn the process of budgeting.

Money is always a controversial topic. Whether you believe chores for money is the way to go or not, we can all agree that our children need to be more proficient in the skills of budgeting, saving, and earning. Comment your thoughts below and share on Facebook!

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