Should I Give my Child An Allowance

So how did you receive spending money as a child?  Many of you probably received an allowance from your parents.  How much did you get?  25¢, 50¢?  Guess it depends on how old you are and how well off your family was.

So what did you spend your allowance on?  If you are like most kids you could spend it on whatever you wanted and it was usually enough for a few treats from the store.  After it was gone what did we have to do if we wanted something else?

Don’t Teach Your Kids to Beg

beg2Without really realizing it, most parents are teaching their children to beg for money, giving them the feeling that money is hard to get. Let’s face it, the typical allowance only goes so far.

We all know the reality that when you get to the store your children will see the strategically placed chocolate bars and small toys by the cash register and inevitably ask if they can have one.

If the parent denies the child of their want sometimes there can be a scene you would really rather avoid, so sometimes you give in.

How about the older kids heading off to a movie or to the mall? On the way out the door they ask, “Mom, can I borrow 20 dollars?”

They use the word borrow as if they intend to pay you back some day. It is hard for our children to build any sense of financial responsibility with the type of system most of us grew up with.

A New Approach to an Allowance

Kit2What we need is a new approach to the age old “allowance”. It really did not prepare any of us to be successful financially. Let’s do an incredible job preparing our children – let’s face it, at the end of our lives do we want our children to have the resources to take care of us? Of course we do!!

At Wealth Skills Education we suggest replacing the “allowance” with an honest to goodness “payday” as a basis for teaching  your child the value of handling, spending and investing money.

Wealth Skills Education provides practical wealth training resources for adults and their children presented in a professional manner that appeals to your children. As parents commit to this program they immediately see a lot of changes in their children’s financial IQ and attitude towards money. This program puts more responsibility on children to make financial decisions with their family’s guidance and provides amazing results. Your children will learn, in a practical way, how to save, give, discover their world, have fun and build long-term wealth.

funfact

Most families think they are teaching their kids about money with an allowance when in fact it is just some blow money for the most part.  The average family pays 50¢ cents a week for each year of the child’s age. For example, a 6 year old would get $3.00 a week while a 10 year old would get $5.00 a week.

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