To Give Or Not To Give…Allowance

allowance

I have really struggled with the concept of allowance.  Many parents give allowance to their children, many parents don’t.  Some parents give their children allowance only if they complete their chores, homework, and other requirements; other parents give their children allowance regardless.  I am not saying one way is better than the other.  I am simply writing about what I am currently doing with my children.

After much discussion with my kiddos on saving and spending money, I have been giving them a weekly allowance.  It is a fixed number for both children.  My son’s allowance correlates with his age and the same with my daughter’s allowance.  They receive their weekly allowance for being “good citizens.”  This includes them completing their homework, chores, and anything else on their lists.  If they do not complete their weekly homework, chores, etc. then I will subtract a certain amount from their allowance (this has yet to happen).  I decided to do this, to mimic the “real world.”  (If adults don’t complete their work, they most likely do not get a paycheck or will get a pay deduction…or get fired!).  If my kiddos want to earn money in addition to their allowance, they can “work” for it by doing additional chores.  I think of this as “overtime” or “bonuses.”  Again, I am trying to prepare my kiddos for life, not keep them in a “bubble.”

Even at a young age, my children understand that when they receive allowance or any monetary gift, they are to put half into “savings” and half into “spending.”  The “savings” remains untouched, yet their “spending” cash can be used to purchase needs and/or wants.  We are beginning to work on price comparison shopping, coupons, and sales.  Even though my children are young, I believe it is important to teach them about money now as I want them to be knowledgable and responsible with money.

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Some children’s books about money:

One Cent, Two Cents, Old Cent, New Cent: All About Money

DK Eyewitness Books: Money

Pigs Will Be Pigs: Fun with Math and Money,

Money Madness

National Geographic Kids Everything Money: A wealth of facts, photos, and fun!

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Some children’s educational toys and learning resources related to money:

Money Match Me Cards

Melissa & Doug Play Money Set

Learning Resources Pretend & Play Calculator Cash Register

Educational Insights Big Money Magnetic Coins And Bills

Eureka Money Stickers

Learning Resources LER0080 Magnetic Money, 54-Piece Boxed Set, Grades K – 4

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14 thoughts on “To Give Or Not To Give…Allowance

  1. We tried an allowance before with my son, but then he would forget to do his chores. I prob didnt do a good job following up with everything, so it just went by the wayside.

  2. I commend you for giving your children not only an allowance but making the time to teach them about life, money and savings. It is such a thrill to save up for something and finally get it. Thanks for sharing your insights with us at #AnythingGoes Link Up

  3. Hi there I’m stopping by to tell you that your post is in my top two picks for the #AnythingGoes linkup this week. Congratulations! I enjoyed it very much. See you next week.

    1. Glad it could help with your decision. I struggled with the concept of allowance for quite some time. Good luck making the decision with your family!!

    1. Like I said in the post, I struggled for quite some time with the concept of allowance. Good luck making the best decision for your family!

  4. I’ve read this post before from you and it is still so important you can’t share enough! If we don’t teach our children the value of money and working hard to achieve something then what hope do they have as adults. Thanks again for sharing with us at #AnythingGoes and see you next week!

    1. You are absolutely correct that every family is different and does things their own way. Good idea to give your children allowances as an extra incentive.

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