Picture this. You're attending a school event and you overhear the following conversation at the refreshment table:
One mom says: "I don't give my kids any allowance at all. They have to do all their chores before they get a dime from me!"
Another Mom chimes in: "You don't? My kids get $20 a week no matter what!"
Then, a Dad pipes up: "My kids aren't allowed to even touch money until they’re 16!"
There are as many opinions about allowance as there are ways to spend money. Many parents think that allowance should be earned. Other folks think kids are too young or immature to ever be given any financial responsibility.
What do the Love and Logic® experts say?
If we give equipment to kids to play sports and instruments to play music then it follows we should give kids money to learn how to use it wisely.
In the truest sense of the word, an allowance allows. It allows kids to learn the value and meaning of money with hands-on experiences. And it allows parents the opportunities to prepare their children for their financial future.
Here are a few ways to get started:
- Separate allowance from chores. Chores are contributions kids should do for free because they are a part of your family.
- Provide opportunities to earn money. If you want your kids to learn to earn money, you can give them jobs to do. Jobs are extra tasks beyond chores that kids can be paid to do.
- Nothing teaches the value of a buck faster than running out of money when you really want something. The amount of allowance is not as important as kids getting to practice with their own money when mistakes are small and affordable.
While the value of a dollar may change, the value of learning how to wisely manage a dollar will not.
Thanks for reading! Our goal is to help as many families as possible. If this is a benefit, forward it to a friend.
Kristan Leatherman, M.S.
For helpful tips, special promotions, and event announcements, follow Love and Logic® on Twitter and become a fan on Facebook.
If we have misspelled your name, or if this isn't you, please click here to correct.
©2011 Love and Logic Institute, Inc. All copyright infringement laws apply. Permission granted for photocopy reproduction and forwarding. Please do not alter or modify contents. For more information, call the Love and Logic Institute, Inc. at 800-338-4065.