School is back in session and we are all getting back to our routines. My kids have been talking about allowance and although the routine of this often comes and goes, we are going to try to stick with it this time!
Here are some tips I have about allowance that have worked for my family.
1) My experience as a parent has been to have a given allowance for each child depending on their age. Perhaps a toddler or preschooler gets $1, older school age child $3, and teenager $5. We post their name and allowance per week on a big white board. When something happens during the week that is not up to the standards that have been set, there can be allowance subtractions! I write the amount of money to be subtracted and the reason. I think sometimes seeing the reason in writing can help reduce its occurrence. So if my child sees “fighting with sister” or “talking back”, they may be more likely to reduce this behavior over time. When we have been consistent with this plan, we have seen success.
2)Consistency. If chores have to be done in order to get allowance, make sure that the kids are really holding up their end of the deal. If payday is Friday, make sure that it is consistent and that allowance isn’t added up over time and then paid. The weekly routine is important.
3)What is the money for? Make sure that your kids know that they will need to use their own money for certain items that you will no longer pay for now that they earn some money of their own. Spending their own money alters choices and makes kids value things differently. Making these spending choices is important and allowance give kids the chance to practice this.
4) Saving and donating. Check out one of my favorite new discoveries, the Money Savvy Pig Bank. What a great way for kids to learn about saving, spending, investing, and donating. There are 4 slots in the bank to divide the money for different purposes. Love! They even have cute sports themed banks for your sporty kids.