Allowance for kids:
Allowance for kids is a way kids can learn how to handle money but not the only way. Encourage your child to learn about the value of money, be supportive as your child learns, and explore how to manage their money responsibly.
As children learn the value of money, they will start to think about ways to earn money. It’s important to talk about how money is earned so children can understand that you work to make money. An allowance gives children some independence and as they become older will help them select the better choice when making a decision.
Should children get paid for household chores?
Should parents pay their child for chores is a common question. Consider the pros and cons of allowances for kids. Some parents feel children should not get paid for certain chores because they are part of the family household. Other families create special projects that allow kids to earn money. Each family is different, paying for chores or tasks is totally up to you – the parents. Allowance is a personal decision. There are good arguments for both sides.
Giving an allowance requires some planning:
Deciding to give your child an allowance requires some planning. Each family has different routines. Your routine may be different in the Spring/Summer than in Fall/Winter. Remember, you can always review what works and doesn’t and start a new routine.
Determine which tasks are household responsibilities and/or special projects. Once rules are created, be prepared to make some changes as you go. Creating an allowance that fits into the family budget can be helpful. Kids can use their allowances for snacks, books, gifts, savings, toys, and donations.
What is a fair allowance for kids?
There are no right or wrong answers. One suggestion you may want to consider is giving $1.00 per age of the child. For example, if your child is six years old give them $6.00 a month or if they are seven years old consider $7.00 a month. You can also assign a dollar amount to that particular chore.
Some things to consider before giving an allowance to kids:
Here is a list of some items to consider:
- Determine the chore or task. You may want your child to have some input.
- Is your child capable of completing the task safely? Will they need supervision the first couple of times?
- Discuss the amount of allowance. How often will you pay daily, weekly, or monthly?
- Set up your ground rules. The amount they can spend and how much they should save. The rules will also help them understand budgeting.
- Create a chore/task chart to track completed chores. Mark off completed chores by using fun stickers.
Is your child ready for an allowance?
Set clear task expectations of what needs to be done before paying kids for their tasks. Explain that adults must earn money to provide for the family, that money is not free and is limited in quantity. Start building a foundation for children to understand that work and money are connected.
Talk about how much money they have saved so far. Help your child understand the importance of saving and the value of money. Discuss what your child wants to purchase with their saved money to help keep them focused on completing their tasks.
Small financial goals, although seemingly simple, are not as simple to a child. Learning the concept money is a reward for work is a valuable lesson. Children who receive an allowance tend to save more money than those who did not. So, the right time to give your child allowance depends on your family routine, budget, and most importantly – YOU!
Sample of allowance chore/task chart for kids:
For more chore/task charts visit us at Teacher pay Teachers.
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