The Allowance Debate ~ What You Need to Consider

The allowance debate has always been a hot topic in many households. Should you give one? Should children contribute to chores without monetary incentives? The truth is, while it’s up to the individual parents, there are a few things you need to know about giving your kids an allowance before you make a concrete decision.
The Great Allowance Debate

Your Child’s Financial Future is Affected

Giving your children an allowance can lead to a better financial future for them. Kids that get an allowance are oftentimes better with managing money than those who don’t.

They Don’t Have to get an Allowance for Chores

There are some household tasks and responsibilities that can be completed without receiving an allowance. And sometimes you may decide that all “chores” are necessary “family contributions” instead. Just because you commit to paying your children a weekly or monthly allowance does not mean that they get it for everything they do.

In fact, if paying your kids for chores, consider giving an allowance on harder to complete and time-consuming tasks your child can perform. Daily tasks like washing the dishes and making their beds are tasks that they need to participate in regardless. Making a distinct difference between chores they will get paid for and daily duties they have to complete is very important as this teaches them work ethic, but also how to work as a team and complete tasks without reward.

Should you choose to pay your child for chores, make it clear that certain tasks are part of their allowance, and some are not. This discussion should occur ahead of time in a family meeting setting.

When Giving An Allowance for Chores

Allowance should be given based on harder tasks completed as part of their allowance agreement. Children should not receive their allowance at the end of the week or month if the tasks they have been asked to complete are still undone. Allowance should be earned through hard work, not just given because they are alive. This will teach your kids work ethic and the value of following instructions and doing what they are expected to do. Consider your child’s age and be sure to give jobs and chores that are developmentally appropriate.

Pay Little Attention to Their Age

Starting to give an allowance when your child reaches 5 or 6 seems to be the norm for most parents. Some start in preschool and others wait until the pre-teens. There is really no magical age your child should reach to be able to get an allowance. The best time is really based on your child, their development. When your little ones start to understand that money can be used to purchase things they want, that may be the best time to start.

Set Limits

When starting to give your kids an allowance, make sure you set limits. Consider what your family finances look like. Each individual family will give differing amounts and that’s ok. It is truly up to your family to decide what works best for you.

Giving your children an allowance should be something you think through, plan and has clearly set limits. While an allowance has fantastic benefits for children, there can also be some set backs if not executed correctly so make sure to take your time and outline a plan prior to offering an allowance.

Wondering of some ideas for chores for kids? Check out this post where we share acesss to a FREE CUSTOMIZABLE CHORE CHART!

What are your thoughts on this hot topic?

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