I just read this article on Cozi about kids and an allowance. While I don’t agree with paying kids just to breathe, the article got me thinking. I think it can be a great motivator to reward chores in the beginning. But, we no longer pay for any chores. We all live here and it all needs to get done. They are responsible for helping. End of story.
But, I do see the wisdom in giving them control of a certain amount of money. I wish I had been taught more about managing money when I was young. I also think it would make them think a lot harder about the next sweater or toy they just have to have if it is their own money they are spending. Here is what I am thinking… I already spend little amounts on them here and there because I am a gift giver. I love to give them stuff. I also have a small monthly budget for clothes. So, why not give them each a little money every month out of that budget that they are allowed to manage? This way they can decide if they want that dress they are in love with now or if they want to save up for the adorable boots later. Or, they can decide to wear the hand-me downs in their closet and buy something else with the money. I would still cover the necessary items like every day clothes, undies and socks. And the occasional special outfit, But, all those things I am not prepared to purchase…they would have to make.
I am thinking using their age would be a great dollar amount to give each month. I think the older ones deserve more because I expect more out of them. That would mean…
- Dancing Grit $10
- Sporty Grit $8
- Goofy Grit $7
- Baby Grit…nothing yet. In my opinion she is still too little for this kind of life lesson.
That is only $25 a month. That is a $6.25 a week to teach responsibility with money and spending.
What Do You think? I would love to hear what you like/dislike about these ideas. Or, tell me how you do allowance or money in your house.