Allowance :: Do Your Children Get One?

by Christine - From Dates to Diapers on January 8, 2012

photo credit: nickelstar via photopin cc

Allowance.

It’s such a hot topic among parents with older children. Should allowance be given for completing household chores? Should it be given only as a reward for completing extra jobs around the house, or perhaps for not asking anything in return? Should an allowance be given to children at all?

I do believe that children should be taught how to manage money at an early age, but our children do not receive an allowance for doing their regular daily chores. They do, however, earn money in a variety of ways, not only from us, but also from various family members. Babysitting (a Mother’s Helper, really), washing Dad’s car, organizing cabinets and the pantry, helping with trips to the dump; these are all ways they may make some cash. It’s hard earned and well appreciated.

Here’s what my older kiddos had to say about allowance and earning money for completing extra jobs::

Why would I get paid to help around the house? I should just do it to help the family.” -Ethan, age 11

I think we should do our chores and not get an allowance. You pay for our food and clothes, and stuff. We should be able to make money in other ways so we can buy the stuff we want, though.” -Zach, age 11

I like to do extra things to help you and make money for the stuff you don’t buy me.” -Julia, age 9

Do you give your children an allowance? How is it set up for your family? I’d love to hear about it!

Kidworth is a free online tool designed to teach kids financial goal setting. Wether you give your children an allowance or simply reward them for completing extra tasks, it’s a great idea to set up a Kidworth account. You would set up the account and together you and your kids could enter some goals. Whether they’d like to save up for guitar lessons or a donation to the local animal shelter, Kidworth can help them achieve their dreams.

This post was sponsored by Kidworth. All thoughts and opinions are my own.

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Teaching Kids To Be Financially Responsible

by Christine - From Dates to Diapers on December 1, 2011

Image: kongsky

Our children do not receive a regular allowance, but do earn money in a variety of ways. (More on that another time.) In addition to earning money, they are very blessed to be recipients of cash gifts for birthdays and Christmas. As I mentioned the other day, Ray and I have taught them how to shop smart and save more. Although we encourage them to save for the big things, sometimes the kiddos’ urge for that book or pack of gum overtake their will to save, adding to the need to teach them about the valuable financial concepts of creating some financial goals, albeit pretty basic at their age.

We’ve attempted to teach these valuable lessons in a variety of ways. We adopted the envelope system for a time, placing a bit of money in three different envelopes – one for saving, one for spending, and yet another for giving. Then the twins opened “accounts” at The Bank of Mom and Dad, in which they placed all of the money they desired to save, while handling the spending and giving portions themselves. Now the younger kiddos are discovering ways to earn some extra cash and we are beginning to teach them how to properly handle their money.

Teaching these concepts and putting them in to practice at an early age will prepare my kiddos for their future. Did you know kids get an average of $25,000 in gifts and cash from 0-18? Yet most children have a net worth of zero when they leave home. With Christmas just around the corner, it’s time to try a new way to set some financial goals for my kiddos, as I’m sure their school breaks will bring many opportunities to earn some money and gifts will most likely include some amount of cash. We found a great site called Kidworth that is designed to help kids of all ages learn financial goal setting so they can succeed financially. More accurately, it found us!

Kidworth is a free tool designed to teach kids financial goal setting. With the holidays fast approaching it’s a great time to set up a Kidworth account. You would set up the account and together you and your kids could enter some goals. Whether they’d like to save up for guitar lessons or a donation to the local animal shelter, Kidworth can help them achieve their dreams this holiday season, and you won’t have to deal with so much stuff.

We’ve signed up for Kidworth and have given our children the best gift of all – financial responsibility. How about you – How do you teach your kiddos about financial responsibility?

This post was sponsored by Kidworth. All thoughts and opinions are my own.

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