How Much of an Allowance Should I Give my Child?
The Moms Council weigns in on teaching fiscal responsibility.
The Tewksbury Patch Moms Council is made of of moms throughout the community from all different walks of life. Each week, the moms tackle a different question posed by readers of Tewksbury Patch on issues of life, family and motherhood. This week the moms take on the topic of allowances.
Dear Moms Council,
"President Obama has declared April "Financial Literacy Month." Any parents out there have success handing out allowances? If so, how much?"
Here are what the moms had to say:
Sue Panilaitis: Unfortunately, my husband and I would go broke if we gave allowances to each of our six kids. Instead we have taught them that being part of a family means we all contribute to the work and upkeep of our household without monetary rewards or expectations.
We still encourage money management and fiscal responsibility. When kids receive personal money, they know that half goes in the bank for long term savings while the other half is theirs. We discuss the differences between wanting and needing an item, and the pros, cons and trade-offs of buying something. My husband and I consistently model delayed gratification through our own purchases. Often, our kids will ask to attend a kid friendly activity and we often answer, “If we do that, then we won’t be able to do [insert another choice here]. What should we do?” Even without allowances, we are able to teach our kids about financial fitness.
Linda Rowe: As my children were growning up, they did not get an " allowance" to do their chores. We all pitched in and had jobs to do around the house. I dont believe kids should be paid to clean their room, take out the trash, or help take care of the family pet. I agree with Sue in teaching that being part of a family means we all contribute to the work and upkeep of our household without monetary rewards or expectations. During their teenage years, I would have " jobs for sale" which were large outside jobs. Painting the shed, staining the deck, digging up old shrubs, and installing a new mailbox were just a few of those. We all do what works in our families.
Maureen Castiglione: We do not do allowances because we feel our children are too young I recall that my parents gave me an allowance based on chores and responsibilities. So if I kept my room clean, and did other assigned chores around the house, I would get a predetermined amount of money. On the positive side, in kindergarten they are learning about money (how to count, what the different coins are etc.), which is simply wonderful! Learning the value of money is an important lesson for everyone not just kids.
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