Do you give allowance to your kids?

Talking with Isa…

change

How much allowance do you give your kids?

Mom, when are you going to give me allowance again?

What? You want an allowance?

Yeah, you know, for the chores I do around the house. You used to give me allowance.

I did?

Yeah. I remember you did.

-It’s possible that I have given her money here and then but I don’t recall ever setting up a formal allowance type of situation.-

Do you really want allowance?

Yeah!

What for?

So I can buy stuff!

Well, I could give you allowance. But that means that you will have to buy things for yourself and save your money so that you have it for when you want to do things.

Um. Like what?

Like, when you went to your friend’s party and you wanted me to buy her present plus those earrings for yourself. And last weekend when you wanted that hello kitty notebook. Those kind of things. Is that what you want?

NO. Never mind.

Hmmm.

I don’t know. Maybe an allowance would be good for her. I never had one growing up. And, truth be told, I never learned to be good with money. Is an allowance an effective way to teach her that?

As far as chores, we’ve assigned the girls their own duties to help around the house. That as a family member, they need to help out too. I don’t like the idea of paying them to do that. Everyone contributes to the household and that’s how it is. Gabi feeds the dog, helps put dishes away, folds and puts away her own laundry, and helps with the living room sweep of the various twin toys that end up scattered about. Isa folds and puts away her laundry as well as all the towels, puts away dishes, helps load the dishwasher, helps put groceries away, and cleans up after the dog in the yard, and all the various big sister duties of helping with the little ones. Should those things be tied to a monetary award?

Or maybe just giving each of them an amount on a regular basis regardless of what they do?

I don’t know. It’s something to consider.

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I guest posted today at Family is Familia about being a Hollywood Mom. Go see!



This Post Has 2 Comments

  1. Nancy says:

    i grew up with a crappy understanding of money. My parents, raised in the Depression, kept the kids out of financial discussions because they didn’t want to worry us (like they had experienced as kids). I appreciate the thought, but it set me up for a lot of mistakes when I got older and I’m hell bent on making sure my kids don’t repeat my behaviors.

    I wholeheartedly recommend the book, Raising Financially Fit Kids. It goes through the different aspects of money and what to teach at which ages. One of the most important things, though, is to remember that allowances are not payment for work. Chores should be done because everyone in the family contributes their time and talents to the household. Allowance is tool to teach kids how to spend wisely, plan and save, and to share their wealth with those in need. My kids each set goals for their savings and bought their own iPads. They pay for extras (e.g., school pizza day, the extra book at the book fair, etc.) and research their purchases. As a result, they have more in savings than I do.

    I’m hoping they’re generous when it comes to picking my retirement home.

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