Smart Ways To Pay Your Kids Allowance

piggybank

Smart Ways To Pay Your Kids Allowance

There’s more than one way to teach your child the value of a dollar. By giving your kids an allowance, you’re starting to instill in them good spending and saving habits way before they can even legally drive or before they head off to college where they’ll undoubtedly make a few financial mistakes of their own. There are some approaches that you can use to teach your kids about the value of money without even giving them money.

No Allowance

Not every parent believes in giving their child money for doing chores. Some believe that a child picking up after themselves and doing chores is helping them to be more responsible and isn’t something that they should get money for. These parents aren’t entirely against compensating their son or daughter if they go above the call of family duty and really help out with dinner or setting the table. This is a good way to teach children that they shouldn’t expect to be paid every time they do what they’re supposed to in the first place.

Earn It

You might decide to subscribe to the old fashioned method of giving your child an allowance whenever they do their chores. Exchanging hard work for money is sometimes the only way to get a child to clean their room, make their bed, cut the grass, empty the trash and do anything else that reeks of responsibility. Some parents will reduce the amount of their child’s allowance if they don’t complete all of their chores. Even with this method, you can still have your child divide up their money into spending money, savings account money and money that they give to charity. One of the good things about this strategy is that it teaches children that they have to work for their money and that no one will just give them money for nothing when they get older.  A reloadable debit card is a great way to compliment this approach.  A prepaid debit card has the added bonus of also teaching them how to save. See how prepaid works and whether it’s right for your family.

Purse Strings Attached

Some parents will give their child an allowance, but will require them to give a certain percentage of their allowance to charity in order to help those less fortunate than them. Other parents require their child to put a percentage of allowance in their savings account before they’re allowed to spend the rest on whatever they’d like. Parents of older children require them to pay for their cell phones bills every month before they can spend the rest on whatever they wish. This is a good way to get your child into the habit of putting part of their paycheck into a savings account before they spend money on anything else.

Free Money

Some children and teenagers are expected to do chores and complete their homework and none of it is tied to an allowance, but their parents will still give them money. There are also some parents who will give their child money and let them spend it as they see fit rather than requiring them to put a portion into a savings account or give it to charity. The free money allowance method is a good way to teach kids how to make up their own minds about how and where they’ll spend their money, which is exactly what they’ll have to do as adults.

Ultimately, it’s up to you to decide how you’ll give your child allowance or if you’ll give them an allowance at all.

Leave a Reply

Recipes

Ling Ling Fried Rice is Such a Time Saver – No More Take Out for Us #LingLingFriedRice

This post was sponsored by Ling Ling, all opinions expressed in my post are my own.  As a single mom it seems I'm always in a rush to get food on the table after homework and then baths and reading every single night. That's when I discovered Ling Ling Fried Rice. It comes in several delicious flavors and it's so easy to cook and only takes 10 minutes on the stove top. You can either microwave it or cook in a skillet for a crispier texture. I … [Read More...]

15 Minute Recipe: Simple Creamy Chicken Noodle Pot Pie

This is a sponsored post on behalf of Progresso. All thought and opinions are those of our own. Being a mom and always being on the go is a rough and tiring job, by the time dinner comes around I know I'm already exhausted and wanting to head to bed...but you know, kids, they want dinner. Some of those nights I draw a blank on what we should have for dinner, or I just completely forgot to thaw something out. Just recently I ran into that … [Read More...]

Lunch On The Go and Santa Fe Salad Recipe! Plus a Giveaway! – ends 9/28 #StoredBrilliantly

This is a sponsored post for SheSpeaks/Rubbermaid®. All thoughts and opinions are those of my own. All of you who have followed my blog for awhile now, know that I was a stay at home mom. I recently started working outside the home in the past few weeks. I was separated and divorced last year while living in Georgia and I recently relocated to South Carolina for a fresh start with my kids. Along with that I knew I had to get a job. Which means … [Read More...]

%d bloggers like this: