Payment for Chores

My elder daughter is three. Accounting for delays, she’s more of a two-year-old. We have not started giving her an allowance yet. Her experiences with money thus far are swallowing a quarter and getting cards from Grandma with a dollar inside. She can’t read, but she recognizes Grandma’s writing and her name on the envelope. She tears into the cards and triumphantly holds up the dollar telling us it’s money and a dollar. I haven’t asked her what she’s saving for. I’m saving for a new chair for her since her pink rocking chair broke. She’d probably choose something else … Continue reading →

The Allowance Quandary

Should you give your children an allowance? I do. For small children who can’t make a lot of money, an allowance gives them a sense of autonomy and choice. I use the allowance to divert my daughter’s “I wants”. Instead of buying items for her, when I do not feel like the item is necessary I suggest that she get it with her allowance money. For older children, there are a number of questions to consider when you begin to give an allowance. What constraints will you put on what is purchased with the allowance? While we might hope that … Continue reading →

Reward Points for Kids

Finding a system of allowances and chores for kids can be mind boggling. Then add the complication of differing parenting opinions on the subject, and you are sure to throw your hands up in frustration. Often parents use the combination of chores and allowance to teach kids responsibility and reward good behavior. This process can become lengthy and time consuming, almost to the point of losing the whole lesson altogether. As most of us parents know, once the idea becomes cumbersome and confusing… kids usually tune out. Let me give you an example. A friend of mine wanted to offer … Continue reading →

Parent Bank

Once your kids are old enough to write, you may want to consider the idea of opening up a local parent bank. What is a parent bank you say? Well, it is a fun and informative way to teach kids about money and the banking process, as well as curbing the “impulse buy.” Often kids feel money just burns a hole in their pockets. When the day comes they finally get some, they can’t wait to get out and spend. It doesn’t really even matter what they are buying, they just want to spend. Sound familiar? This is a common … Continue reading →

To Pay or Not to Pay – Allowances and Chores

Giving an allowance to a three-year-old child for chores done around the home gets some people riled up. Not everyone agrees with my decision to fork over twenty-five cents for help with cleaning the litter box. In fact, a while back there was a great blog post explaining the two schools of thought: 1. Pay for chores 2. No pay for chores Some parents strongly believe chores should be completed as part of family life, with no reward – and I used to think that way as well. Other parents use a combination approach where some chores are done as … Continue reading →

My Three Year Old’s Cash Allowance!

My three year old earned her her first allowance today. I didn’t plan it. Hubby and I thought we’d wait until four or five to start allowance, but the opportunity arose and…… Daughter was watching me clean the litter box. “I wanna do that” she said, so together we scooped and cleaned, and then washed our hands. “Can you do that with me every time,” I asked? “Yes Mommy,yes” And so I counted out twenty-five pennies with her. Five pennies immediately went into her piggy bank. We talked about it going toward her first car when she is seventeen. (I’m … Continue reading →

Five Tips to Help Allowances Work for your Family

One of the best ways to help your children learn the value of a dollar is to make them work for it. This really helps to put a value on all the money that they spend. It also teaches your children the importance of hard work. This is one reason why it can be beneficial to set up allowance in conjunction with chores in the home. You can set up your system in numerous ways. Here are five suggestions that may work for you. 1) You may have a set amount of money you want to give your children each … Continue reading →

Allowance Strategies for Families

When it comes to kids and allowances, there are two main schools of thought. The first says that kids should be given money simply as a learning tool with no chores or responsibilities tied to it. And any jobs the kids do around the house should be done free of charge. After all, no one pays you to do the laundry do they? The second school of thought is that any money kids are give should be payment for chores that they do. After all, no one gives you money for doing nothing, right? As someone who thinks (and blogs) … Continue reading →