Do You Make Your Kids Work for Their Allowance?
Your kids get an allowance every week. Do you make them work to earn their allowance? What are the advantages of creating “jobs” (chores) for your kids in exchange for earning their allowance?
- 1. Your kids will learn the value of a dollar. It’s easy for kids (and adults) to go through money like crazy when they’re spending money that isn’t their own. When kids have to work for their money, and they realize how much time and effort it takes to generate a given amount of money, they usually make more conservative spending choices.
- 2. Your kids will learn to budget their money. Assuming that you don’t grant your kids loans every time they run out of money, your kids will learn to conserve their money for the expenses that they can anticipate.
- 3. Your kids will learn accountability. When work is performed unsatisfactorily (or not performed at all), you can deduct a proportionate amount from their allowance for the week in which the work was under-performed or not performed. Kids then learn that, in order to get the money that they want or need, they must perform their work satisfactorily. (NOTE: when holding your kids accountable, always communicate with your kids about what your expectations are, what their performance was, what the gap was between expectations and performance, and why it’s important to the family to perform to expectations.)
- 4. Your kids will learn to have a work ethic. By learning that the family depends on them to get certain chores done, and by experiencing accountability when chores do not get done, kids will generally learn the importance of work ethic.
All four of the advantages above are life lessons: lessons that will benefit kids into their adulthood. In sum, making kids work for their allowance is a good way to create responsible, productive adults.
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