Family Essentials®

Allowance

October 6, 2011

Posted in: Parenting

Wanting to teach my children the value of money, I thought it would be good to start giving them an allowance.  They get their money each week if they clean up their toys in the basement, on the main floor and in their rooms.  This way every time we go to Target or Walmart, they are not asking me to buy them something; they should have the money to buy it themselves.

This has been going on for several months now and I think they have gotten down the concept that they need to save for bigger things, which is why my house is now full of a ton of little things.  They just can’t save.  I will give them their allowance once the house is straightened, and no matter where we go they want to spend it.  Even at BJs, of all places.  It is just fun to spend money.  They must get that from their mother, as I am one of the cheapest people on the planet.

Over the past few weeks I have noticed something happening, though.  If Brady wants something a little more expensive and Andrew wants something that will leave him a few dollars leftover, they will loan each other money.  It is great to watch the transaction occur.  And, they always remember how much one owes the other.  So aside from teaching them the “value of a buck,” I think they have taught themselves sharing and teamwork.  Now I’m just waiting for them to understand interest charges and early prepayment penalties, then they will be set for the real world.