Tag Archives: allowance

An Allowance Chart and Buying Candy!

My three-year-old daughter took her twenty cents to the grocery store and insisted on buying candy. Twenty cents won’t buy much – in fact it won’t buy anything, and I really worked on getting her to wait another week until she had forty cents. But no, she was so excited to earn money that off we went to find some candy she could buy with her pennies. Teaching my daughter about money is going to be fun, – and also a challenge. She can be pretty strong willed. I’m lucky that she is also very funny and generous so her … 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 →

Should Teens Receive An Allowance If They Are Working?

Should a teen’s allowance end once they start working? I was surprised to find that 45% of respondents in a recent poll by the Family Education Network felt that teens should continue to receive an allowance once they start working. 47% voted “no” and just 8% had “no opinion”. I found this kind of odd. I’ve never known a teen that worked and received an allowance. That seems to defeat the purpose of working. When teens work, it’s a step toward independence. It’s also a good way for them to learn the value of money and how to budget. If … Continue reading →

Would You Give Your Teenager a Credit Card?

Okay, it’s been mentioned at my house–my daughters have asked why “since several of their friends have credit cards,” I don’t get them one! And, I do recall the day I was standing in line at the bagel/coffee shop and a teenage girl whom I recognized as having played soccer with one of my daughters a few years back was buying her super soy latte mocha with a credit card. I had mixed feelings about it. I have mixed feelings about it. I’m eager to find out what the rest of you think… If I had my way, I would … Continue reading →

Should Teenagers Get An Allowance?

Allowance is a hot topic for parents–whether to give one or not, how much it should be, how it should be managed. With teenagers, I think the allowance issue becomes even more complicated as we wonder what is appropriate and what best prepares our kids for the future… I have never given my kids a set “allowance.” Up until they hit the high school years, we had a “chore chart” which listed chores and jobs that needed to be done with a pay rate next to them. Kids could do chores to earn money and they kept track on something … Continue reading →

Teaching Toddlers About Money.

I don’t think it is ever too soon to discuss money with children. My parents rarely did – it’s a generational thing I’m sure. My sisters and I didn’t learn about balancing checkbooks or what our parents did on a day to day basis with their money. I sort of knew that sometimes we had cash, and sometimes we didn’t, but I know my mom never wanted us children to have to worry about their financial status. Oh sure, my parents encouraged saving and having summer jobs, but I want to go further with my child. I’m starting now. My … Continue reading →

Kids and Money: Early Earners

A previous article, Teaching Kids to Save Money, described simple ways to encourage children to save more. A Families.com member posted a comment after that article, and later sent me a private message with more information about a website she co-founded, called Early Earners (thanks Ami). The site is a great teaching tool that will help parents explain the importance of saving money and how starting early will prepare them for the future. It also shows how Americans are spending beyond their means and how to avoid doing so. There are even calculators to show us how quickly saving –and … Continue reading →

Allowance Options

Do you give your children an allowance? Are you on the fence about how or whether you should? Many families chose to give an allowance to their children, but when should you start? And how much do parents give, these days? Allowance Options: Allowance for chores: This version of allowance requires that children complete a certain list of chores by week’s end in order to earn the money. No chores? No money! Another version is that parents give the money at the beginning of the week and expect chores to be done. The child must pay the parents back for … Continue reading →

Teaching Our Kids Fiscal Responsibility

Do you remember getting an allowance as a child? I remember my parents forking over the cash but don’t really remember earning it. I also remember that I spent it as fast as I could get it and didn’t learn much about money management along the way. I wasn’t alone. Many, perhaps most, of the x-generation grew up without a financial clue. Money was a topic our parents considered private and definitely inappropriate dinner conversation. In Home Economics, the closest thing related to economics of any kind was how to write a check! To make matters worse, most of us … Continue reading →