a charity that matters to them, or they While children need to learn that life regular household chores. Doing so
won’t be motivated to do it.” isn’t always fair, you can still respect is wrong for several reasons: 1) it
your children’s feelings by explaining defeats the very idea that being part
why you have to decrease their of a family entails that one has certain
allowance or postpone payment and responsibilities, 2) it encourages your
let them know you can understand kids to bargain every time you ask
their annoyance or disappointment.” them to do something around the
Mr. Munson agrees: Consistency house, and 3) your kids may even stop
“builds trust, reduces bargaining, and doing their chores once they feel they
to your kids, but rather as a way to encourages planning for the future.” have enough money.
inspire regular conversations with Don’t Use the Allowance
as Punishment or Reward Experts say to only offer your kids
Use the Allowance
to Inspire Regular
Conversations About
Money Management
Think of the allowance not primarily
as a means of making money available
them about money management.
Kimberly Palmer, the author of “Smart
Mom, Rich Mom,” says to “worry less An allowance should be used to teach
about how much you give than that kids money management and not as
you use the allowance as a chance to punishment or reward. An allowance,
talk to your children about money.” says Mr. Munson, “is supposed to
“The whole point,” says Mrs. Palmer, develop greater trust and better
“is to get them used to handling and communication and cooperation, so
talking about money so it’s not so using it as an unexpected disciplinary
much the amount as the conversation tool will just make you look cruel and
around it that matters.” Neale arbitrary in the eyes of your children
Godfrey, a personal finance expert (no matter how much they might
and author of more than two dozen seem to deserve it). Find another
books on financial literacy, puts it well: way to make your point while living
“Talking to your kids about allowance up to the original bargain.” Nevin
and money is just as important Martell, a financial planner, agrees:
as giving it.” Mr. Godfrey is right: Using money “as a yo-yo – ‘I don’t
research shows that the more kids like this or I don’t like that, so I’m
discuss money management with their going to cut your allowance’ – is not
parents as they grow up, the better going to help them form a healthy
they become at managing their own relationship with money.”
finances as adults.
Be Consistent – But
Regularly Review Your
Allowance Policies
However you decide that your kids
should allocate their allowance, be
consistent about your allowance
policies and only change them if you
have very good reasons to do so, like
if you simply can’t afford the current
amount or your kids are not spending
it in the agreed-upon ways. As Dr.
Mary Kelly Blakeslee, a well-known
child psychologist, says, “nothing
bothers kids more than unfairness. If
you change the rules without a good
reason, you’re reneging on a contract.
Similarly, don’t use the allowance
to reward your kids for unrelated
extra money for tasks you otherwise
would have paid someone else to do
like, say, mowing the lawn or painting
the house. Mr. Godfrey suggests
that parents carefully distinguish
between what he calls “”citizen-of-
the-household chores,” for which they
shouldn’t get paid, and “work-for-pay
chores,” for which it makes sense to
give them some extra money.
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“establishes the mentality that you
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Hogue, “let them pick the family
outing for the week or just tell
them how proud you are of their
accomplishment.”
Don’t Tie the Allowance
to the Performance
of Regular Household
Chores
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Finally, don’t tie the allowance to
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