Deciding whether to give your child an allowance can be a tricky decision to make. Before you jump into it, it may be a good idea to ask yourself the following.
1. Can you afford it?
2. Should the child earn it?
3. Will it teach them anything?
It may also be a good idea to ask friends about their experiences. Personally for me, I did not receive frequent allowance. However, my dad would reward my brother and I with $300 - $500 dollars each, once yearly after the labor day parade depending on how much the family made from selling snow cones on Eastern Parkway in (Brooklyn, NY). We helped every single year and truly looked forward to the allowance. So really take a moment to think what works for you.
Can you afford it?
The best way to determine if you can afford it, is by budgeting. You can download our unique budgeting template here. This template allows you to accurately track your monthly expenses. If after using it, you find that you really need to put your money towards home essentials, then it is better to spend the money on those things instead, your kid will be just fine.
Should the child earn it?
This depends on your parenting style. It is always great to allow your child to feel that they've worked for something. However you don't want your child to get into the habit of only helping around the house so that they can earn money.
Overall, I say yes!
Will it teach them anything?
It will indeed teach them how to care for their home, self and most importantly you.
How to start?
I started my 5 year old off with little chores. I don't remember the first one, but I remember asking her to help me put up groceries for 0.25, then it progressed to $1 for taking out the trash.
Hope this helps!
Follow @brilliantgirlfinance on instagram
Follow @brilliantgirlf on twitter
Subscribe to us on Youtube.
Comments