Using Children's Allowance To Teach Them Lessons On Saving And Responsibility
Using Children's Allowance To Teach Them Lessons On Saving And Responsibility
We spend a great deal of time teaching our children manners from an early age and it is just as important to teach them other important life lessons regarding money and responsibility. Even young children enjoy assisting with tasks and can be given small amounts of responsibility. Children's allowance provides them with a way to accumulate money for things that they would normally ask parents to purchase for them.
The kids allowance should be based on the age of the child and the tasks that they are expected to complete. If a ten year old wants to earn money to go skating each week and it costs five dollars, then it may be necessary to help the child find enough work to earn the money. Not only will they enjoy earning their own money, but they will feel more a part of the family unit.
Do not use the earned money as a way to discipline the child. If they complete the work that is expected of them, then they have earned their money and need to be paid. Poor behavior in other areas should not result in losing their allowance or the chance to earn it.
Just as they are paid for completing assigned tasks, they should not be paid if they fail to complete them. It may be necessary for a period of time to assist with the way things need to be done correctly, but finishing is important. They will not learn to be responsible if given money without doing the work.
To help kids with learning to save money it is a good idea to purchase a special bank to get them excited about it. Make a small deposit for them in order to start their savings. A good rule to teach them is to put back ten percent of everything they earn for things they may want in the future.
If they make an effort to save money on a regular basis it might be a good idea to reward the efforts with an additional deposit. It might even be best to match the amount that they have saved on their own. Take the time to explain how the bank pays interest on accounts and that your interest is in their account.
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