Kids and Allowances

Posted by Diane Laney Fitzpatrick Oct 4, 2007

Children's allowances are a touchy subject.

If you put 10 families in a room, you'd find at least nine different methods and philosophies on kids' allowances. They should have to earn them, they should never earn them, they should have all the control, they should have no control. Some families have complicated charts and value systems that require a training session to understand.

According to my children, every single child on earth gets more allowance than they do, no family in America has a worse system than we have, and soon they'll be begging on the street and eating out of dumpsters.

Experts say it's good for kids to get an allowance that isn't tied to household chores or good behavior. Having money to spend on whatever your little heart desires allows you to learn firsthand the value of things, or lack thereof.

When my first child turned 5, we decided to give him a weekly allowance. At the time, he was all about Ninja Turtles. A TMNT action figure cost roughly $4, so that became the standard, the monetary base, for all purchases.

"Mom, I really, really, really want this Aladdin Light Up Back Scratcher!" he would whine at the Disney store.

"OK, it's your money, but you can buy two-and-a-half Ninja Turtles for the same amount," I'd tell him.

It was heartbreaking to watch him make decisions at the toy store. With a limited amount of money, it was suddenly extremely important whether he got the instant gratification of the cheap toy that was sure to break within the hour, or fought temptation and saved up for another Michaelangelo or Donatello.

Heartbreaking at the time, but in the end he learned the lesson pretty quickly.

Do you have an allowance method that works for your family? Start a discussion and share with us!