Should You Give Your Kids an Allowance or Make them Work for Their Money?

by Isabella Craig on 2013/08/10

should you give your kids an allowance

Many parents seem to argue about whether children should be paid an allowance or should they be required to perform chores in order to earn money. There are pros and cons of each view.

Many parents firmly tend to believe in providing an allowance based on the chores performed. A chart of chores is usually maintained and payment for chores varies on the basis of difficulty. It is held that such an act results in a beneficial impact on the child’s life.

Financial Responsibility
Children can learn to be financially responsible which is of critical importance once they enter college life. Strong childhood habits of spending carefully and knowing what it takes to earn money can result in long term benefits.

Incentive to Work
Many children tend to avoid performing household chores and paying them money for work can result in an incentive to work. Despite the contrary arguments that household chores are a part of life and must not be paid for, it is held that an incentive can allow them to build up habits. As children grow up these habits form a part of their routine life and allows them to live in a civilized manner.

Limited Spending
Children often tend to argue for toys and candy during shopping trips. Parents that adopt a strict attitude of spending what you earn can teach their children the value of hard earned money. Kids are less likely to spend on toys and other items from money that they have earned and save more. These habits can once again be critical during college life and early career development phase.

Conversely, some parents tend to argue that a child must not be paid for performing household chores based on a variety of reasons.

Responsibility of Being a Family Member
It is held that household jobs must be performed by children irrespective of payment as this responsibility comes as a part of being a member of the family. A family works as a team and the sharing and caring attitude is emphasized through the division of chores between family members.

Wrong Attitude Towards Responsibility
It is argued that paying for household chores can result in a lifelong habit whereby children shy away from household responsibilities unless and until they are paid for these duties. This can also result in wage negotiation as the child grows. They must learn to share responsibility irrespective of the payment as these skills are likely to help them in the foreseeable future.

Financial Responsibility
It is suggested that rather than paying for doing chores, parents must instead determine an allowance that is paid on a weekly or monthly basis. Strict instructions must be provided to the children that this money is to be used for various expenses including purchases of toys and candies. Furthermore, advanced allowances must be strictly prohibited. Giving an allowance and allowing them to spend or save it according to their own wishes can allow a child to become financially responsible.

Parents are likely to adopt either method to teach their children to become financially responsible. Which method do you prefer for teaching your kids the value of money?

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