subject: Children's Allowance For Instruction On Saving And Responsibility [print this page] Children's Allowance For Instruction On Saving And Responsibility
As parents we spend a great deal of time teaching our children about manners from the time they are very young, but we also need to teach them about money and responsibility. Even children that are very young enjoy helping out at home and can easily be taught responsibility. Children's allowance is one of the best ways to allow them to learn these valuable lessons and earn money to purchase things they want to buy.
The kids allowance should be in line with the age of the child and so should the assigned tasks. If the child is around ten and needs five dollars per week to participate in skating then they will need enough work to at least make this much money. They will be a contributing part of the family unit and be proud of earning their own money.
The money that they earn should in no way be used as a tool to discipline them for other offenses. If they perform the work they have been assigned then they are due payment. Bad behavior in other ways should not affect the money they have earned or the possibility to earn it.
While they should get paid when they work, they should not get paid when they do not. Some jobs may require a parents help for a certain period of time and this is acceptable. They will never learn to be responsible if they are paid for jobs that they do not complete.
It is also important that children learn to save money. By purchasing a special bank for them, it may get them more excited about saving. Provide a small deposit to get them started and set their goal at ten percent of what they make.
If they continue to save money on a regular basis it may be worth rewarding them with an additional deposit. Consideration can also be given to matching the total amount that they have saved. This provides an opportunity to discuss the interest paid by banks and that you are paying interest in their future.
Allowance for kids is a great initial tool to teach kids about the value of money so make sure you educate them properly about this topic.
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