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Home and Family Parenting Is An Allowance A Good Thing Or A Bad Thing For Kids
Home and Family Parenting Is An Allowance A Good Thing Or A Bad Thing For Kids| Is An Allowance A Good Thing Or A Bad Thing For Kids |
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| Written by William Blake |
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The first money a child makes is not from a job but from an allowance. The idea of an allowance is an old one, but some parents question if it is the right thing to do. Should you give your child an allowance? In times past, allowances were very low, being perhaps fifty cents each week. This is no longer the case, with many parents providing children with a weekly allowance of five to ten dollars. This can quickly add up, though, if your family includes several children. Money that children earn because of completing household chores is different from the money they receive as part of a weekly allowance. An allowance should be used primarily in an effort to teach financial responsibility. Children will soon find that saving or putting together their money will allow them to purchase more, even if they choose to spend their allowance on candy and food. A child's age and the income of the parents are the most important determining factors when it comes to the amount the child will receive as an allowance. Parents who are experiencing financial difficulties may need to keep their child's allowance low at first or just wait until their situation stabilizes and they are able to give their children more each week. You can explain to the children that they are being given an allowance because it is an honor for you to be their parent. Wait to give an allowance to children until they are able to comprehend the concept of money and how it is to be used. You might choose to wait until their school discusses money and then use an allowance in conjunction with what they have been learning in their class. Even if kids really don't show a desire to buy anything in particular, providing them with an allowance will help get them accustomed to using money. Use the allowance you give to teach kids the importance of saving. You can also take advantage of opportunities that arise to explain the prices of things they want and how saving up will let them be able to buy what they want. If children decide they want to save their money in order to buy something, they will be excited to get their allowance and add to their savings until they have enough. They may even decide to just continue saving instead of purchasing the item. Either way, they will have learned a very important life lesson about delayed gratification and its benefits. Receiving a weekly allowance, kids will learn to have a realistic and healthy attitude towards money. By the time kids are making money from jobs they do for you at home, they will have already developed saving habits and will know how to keep themselves from just blowing their money pointlessly. Providing a child with a weekly or monthly allowance is a good way to help them become responsible with their money at a young age. Although they won't always make the best decisions when it comes to spending, parents will be there to help them learn to care for their money wisely. About The Author: Can debt settlement companies save you money on your debts? Get the inside scoop on the Debtopedia website where you can get a free copy of my report Secrets Of Credit Card Debt Kindly provided by 4Girls.dk You are welcome to use this article on your own website, if you include this link. |
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