Who here got an allowance as a kid? I see a lot of you raising your hands. Have you started giving your kids an allowance yet? Ah, the allowance--the first time a kid will get money of his own. Does he spend it on the toy du jour? Does he save it to buy something really big? Does he save it for a rainy day? My kiddo is still a little young to be having an allowance, but it isn't too much longer before she will start to be able to help out more around the house.
As I've been talking to other moms, I've found there are two ways parents give allowances. Some give the weekly amount, and the money is "no strings attached" per se; the household duties Junior has to do are just part of what one does as a member of the family. Others have chores tied to the allowance--just like Mom and Dad, he has to work for the money he gets.
No matter what the parameters are, the great thing about the money you give your kiddo is that it helps teach him about money. He is in control of that piggy bank. He can spend the money how he wants to--he can make good purchases, bad purchases, good choices, or bad choices.
Is the allowance in your home tied to chores? Or are chores just part of what your kids do to help in your family, while allowance is separate? If it is tied to chores, be sure you and your kiddo are both aware as to what is expected for that allowance. Perhaps you can even post that list of responsibilities on the fridge or his bedroom door. If it isn't tied to chores, you can encourage your child to earn extra pennies to put in his piggy bank by doing additional household work or helpful projects around the abode.
As we know, the key to anything and everything with kids is to keep the conversation going. During that weekly money exchange, ask about it and discuss it. Any time you are talking about his allowance, you are teaching your kiddo about money. Ask him what he's doing with his money, discuss what his needs are and what his wants are. And remember, just the mere fact that you are talking about money is a good thing to learn. Think about how often we as adults become uncomfortable or nervous discussing money matters. By teaching your child that talking about money isn't taboo and doesn't have to be stressful, well, that's a great life skill you have given him.
How are allowances handled in your home?