Do you know what the purpose of allowance is?

[imported_goku]

Originally posted by: Penth
I read that if you want to teach your kids better money management (i.e. saving) that you should slowly extend the amount of time between allowances and increase the amount each time so instead of getting $5 4 times per month you give them $10 2 times per month. And then $20 once per month and so on. The reasoning is because some kids don't worry about saving because there is always another $5 coming in a couple of days if they blow their $5 right away. I think the author of the article said that eventually they were given one allowance per year and they had to manage that for the year. Anyway, it sounds like a good idea to me, but I would definetly have the kids work up to time between allowances and have them help.

I also agree that the kids should help around the house but sometimes they need to do it without being paid. I have some cousins that wouldn't do anything without getting paid even when they were older. I never talk to them now though.

That is definately smart!! Teaches you NOT to live pay cheque to pay cheque!!!

 

[feelingshorter]

Originally posted by: goku

Originally posted by: Penth
I read that if you want to teach your kids better money management (i.e. saving) that you should slowly extend the amount of time between allowances and increase the amount each time so instead of getting $5 4 times per month you give them $10 2 times per month. And then $20 once per month and so on. The reasoning is because some kids don't worry about saving because there is always another $5 coming in a couple of days if they blow their $5 right away. I think the author of the article said that eventually they were given one allowance per year and they had to manage that for the year. Anyway, it sounds like a good idea to me, but I would definetly have the kids work up to time between allowances and have them help.

I also agree that the kids should help around the house but sometimes they need to do it without being paid. I have some cousins that wouldn't do anything without getting paid even when they were older. I never talk to them now though.

That is definately smart!! Teaches you NOT to live pay cheque to pay cheque!!!

Smart idea really so the kid doesnt go crazy when they get a credit card.

 

[HombrePequeno]

I always had to work for my allowance. The only time I ever really complained was when I realized the work I was doing mowing the lawn (~3 hrs/wk in nice 105 degree weather) was worth a lot more than what I was being paid ($5/wk). I negotiated a raise to something I thought was reasonable (even though it still came out to well under minimum wage). My parents were fine with getting me things when I wanted because I never really asked for much. They always wondered how the hell I always had a pretty decent amount of cash but that was because I rarely spent a dime of the money I made. I'm still pretty cheap.

I think allowances are really only good if you're forced to work for them. It annoys me that some of my friends get pretty nice amount of spending money even though they don't do anything.

 

[jjones]

I give my daughter an allowance but not for doing any work, it's strictly for an understanding of money, its uses and its management. I like the idea that Penth mentioned - I think I'll try it. My daughter helps out around the house as she should, but the allowance is not connected to that, nor will it ever be; two separate issues in my opinion.

 

[imported_goku]

Originally posted by: feelingshorter

Originally posted by: goku

Originally posted by: Penth
I read that if you want to teach your kids better money management (i.e. saving) that you should slowly extend the amount of time between allowances and increase the amount each time so instead of getting $5 4 times per month you give them $10 2 times per month. And then $20 once per month and so on. The reasoning is because some kids don't worry about saving because there is always another $5 coming in a couple of days if they blow their $5 right away. I think the author of the article said that eventually they were given one allowance per year and they had to manage that for the year. Anyway, it sounds like a good idea to me, but I would definetly have the kids work up to time between allowances and have them help.

I also agree that the kids should help around the house but sometimes they need to do it without being paid. I have some cousins that wouldn't do anything without getting paid even when they were older. I never talk to them now though.

That is definately smart!! Teaches you NOT to live pay cheque to pay cheque!!!

Smart idea really so the kid doesnt go crazy when they get a credit card.

Sarcasm meter is broken, are you being sarcastic?

 

[CarlKillerMiller]

It's a good idea if you can also teach the kid money management. Allowance shouldn't be given out unless actual work is done.