Allowances: What should they teach your child
Allowances: What should
they teach your child
By Peggy LeVrier
Children need to learn the value of money. Even at the age of three, children will understand explanations of buying items at the store and the necessity of money and the value of hard work. Experts say too many children believe that money comes magically out of the ATM machine or you simply write a check to buy things.
An allowance should teach children how to spend some money, save some and give some to help their fellow man. Children should know the amount of allowance and the time they are to receive it. An allowance will help children learn the basics of independent living skills. If you give an allowance for work that your children do, then let them have a choice of the chores he wants to do for money. Be sure that some chores are completed for no money and they are completed prior to the "paid" chores. Children need to know that we help each other with chores in a family without expecting to get paid for them.
Here are some thoughts to consider when you implement an allowance with your children:
* Do not pay for everything - When you go to the store with your child, let
him spend his
money. If he doesn't have enough money, then explain how much he
needs to save to be
able to buy the item and how long it will take for him to save the
money.
* Introduce expenses - As children get older and their allowance increases,
require them to
use their own money for some things like entertainment and designer
clothes.
* Teach consumerism - Be sure to teach your children to "shop
around" to find the best value.
You may even go to the library and look at old newspaper ads to
teach your child about
inflation. Teach your child to be a "wise consumer."
* Start a savings account - By the age of 10, most children comprehend the
meaning of saving
money. Children are compulsive spenders, therefore teaching them to
save a certain
percentage of money is important. You may add incentive by matching
the amount your child
saves.
* Start a checking account - Most 15 or 16 year olds can manage a limited
checking account
and credit card. Teach them to use these as tools while they are
still "under your roof" to
avoid the misuse of these when they are older and "out on
their own."
* Set financial goals - During the early teen years begin to discuss plans
for paying for college
by calculating living expenses and tuition costs. You and your
child need to research
scholarships at this time.
* Earn their own money - When children are legally old enough to earn money
they should
have a job that is safe, has reasonable hours and has honorable,
friendly people with whom
to work.
Be sure to use a positive strategy when giving an allowance. If you use allowance with chores be sure that the job is age-appropriate. Here are some examples:
* Ages 3 and 4: Put dirty clothes in the laundry, help pick up room and toys,
and put clean
clothes away with help
* Ages 4 and 5: Help set or clear table of unbreakable dishes and glasses,
water plants, feed
pets, get the mail and newspaper with parent watching, wash and dry
plastic dishes
* Ages 6 to 8: Clean own room, help fold and sort laundry, make beds, take
care of most
personal hygiene, set and clear table, wash and dry dishes, sweep
floors, and take out the
garbage
* Ages 9 to 12: Polish furniture, prepare parts of a meal, all personal
hygiene, help with yard
work, do some laundry, vacuum carpet, mop floors, help with grocery
shopping, clean the
garage and wash the car
* Ages 14 to 15: Baby sit, mow lawns, do own laundry, budget own money, shop
for own
clothing, do neighborhood jobs, prepare some meals and help with
heavy cleaning.
* Ages 16 and older: Plan and prepare meals, do outside jobs for money, take
care of all
clothing needs, travel with supervision, help care for automobiles
and plan higher education
goals.
An allowance needs to help the child learn money management. Parents do well to remember that children need to fail a little before they can appreciate success. Use encouragement instead of criticism. When your children become teenagers stay involved without being intrusive.
Peggy LeVrier has served as an early childhood educator for 35 years and is the owner and facilitator of Peggy's Positive Parenting in La Porte. For more parenting information, you can contact her at (281) 748-9176 or pjlevrier@houston.rr.com