Experts will come and go, telling you to give your child an allowance one week and not to the next; to link the money to chores around the house, and then changing their mind about linkage the next. But no one knows your child more than you do.
Webster’s Dictionary describes an allowance as: an amount allowed or granted (as during a given period): "travel allowance"; "my weekly allowance of two eggs"; "a child's allowance should not be too generous". There’s nothing very specific about terms within the definition, so the gray area needs to be filled in by you- the parent. This article is to help you set yourself into the right direction, a guide to help your child understand the value of money.
By all means, you should give your kids an allowance. If for no other reason, it will help you keep better tabs on what your child is spending and buying. This way, you’re not reaching your hand into your purse every time you turn around, thus saving you a giant headache at the end of the month: “Where did all of my money go?” It’s a spending accountability tool for both you and your child, no matter what their age.
The HOW of Allowance
Heading back to the “No one knows your child more than you do” segment, you’ll need to think about which means of an allowance will have the best affect on junior. You also need to consider what you want junior to learn from all of this. If you simply want him or her to keep track of spending, then a non-task related type of allowance might be the best bet for you. If junior is lazy and you want him to learn the value of a buck, you may want to attach chores and such to this monetary source so that he may get a taste of real world dealings- no work no pay. Of course, if the way you choose doesn’t work the way you had hoped, you can always change or discontinue your allowance policy.
Growing in popularity is the “combo- allowance” in which a child has specific responsibilities, like making her bed every morning, cleaning the mirrors in the bathroom, and bringing the recyclables out to the garage every night. Allowance amount A is set for these chores. If the child wants to add to their allowance, they may do additional tasks around the house. This works especially well when she wants an MP3 player or other higher ticket item.
The WHEN of Allowance
Again, no one knows your child like you do, so you will have to set an age accordingly. Some children can clean the entire house by the time they’re in the 5th grade, while their older sibling can’t even make their bed yet. This can be a touchy area for the older sibling, and they might just feel a bit of favoritism towards the younger child. Care must be taken to explain that although younger, the child can hold her own when it comes to household responsibilities and is paid accordingly.
The HOW MUCH of Allowance
Guess what the experts say? $1 paid weekly for each year of their age. Guess what? Who cares! If your 10-year-old daughter refuses to place her dirty laundry in the hamper each night, why should she be paid more than her 8-year old brother who’s clothing has never touched the floor? Your personal discretion is the best guide for the optimum result.
