Goodbye Cruel World
6 years ago
Monday, August 25, 2008
Allowance or no allowance that is the question
Hey friends, I'm asking for your help. Rob and I have talked about it and aren't sure how we feel about allowances. When he was growing up he did not get one. My parents would give me money sometimes, but not every week. We don't give money for report cards or other achievements, but I think it would be fun for my kids to have money of their own sometimes. So what do you think? One friend is considering giving a small amount for each AR book read for school. But I'm just not sure. So give me your opinions please.
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4 comments:
Well you asked so I will tell you how I feel! I think allowances are vital to teach children to manage money. We had chores our kids had to do each week to get their allowance. If chores were not done by a certain time they got no money. (This was more of a problem as the kids got older and had busy schedules too) We helped them at first to figure out how much to save each week, how much to give to God and how much they could then spend. It helped to avoid the constant handout of money for toys, gum, cokes, movie tickets...and the list goes on as you already know. I understand the idea of working not just for money, but I think you can explain that while you are teaching them how to manage their money. Bottom line every family does it their own way and their is no right or wrong way! This worked well for our little family.
Read Mary Hunt's "Debt-Proof Your Kids". It changed my whole outlook on money and kids. I have not done well implementing it. I've been too busy having kids to teach them financial independence yet, but I am in the process of re-reading it because I know the wisdom of this book. I give it my highest rec.
Yeah - I'm going to try the .50 cents per A.R. book thing. I figure that will serve as an allowance. And he can make as little or as much as he wants by how many he reads. CONGRATS ON YOUR BLOG! It's about time!
In our house growing up, money was given on Friday's at the end of the week. It was seen as a "paycheck". My Dad explained to us that when you have a job you are given money decided on your work and your attitude. Our standard rate was the number of our grade. In 1st grade we got $1 and in 2nd grade we got $2 and in 3rd, $3 and so on. I think it was the perfect amount of money. It was always hard for my parents to balance giving me more freedom since I was older and justifying it to Erica as fairness. We usually received the full amount, but they had explained to us about work ethic from the beginning to reserve the right to ever take away. We also had a good talking to about wants and needs. Anything that was a need my mom never hesitated to get for us, but if it was ever seen as a want she made us make the choice. Even in college, I have been impacted greatly by needing to decide between wants and needs. While you will be teaching Tyler and Lacey good lessons it will also help you budget for wants and needs for your kids.
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