Should You Pay an Allowance to Your Children?

Don’t most children just get what they want nowadays so there is no need for an allowance? Maybe for some, but I am sure that has always been said. Here are the pros, cons, and a blended approach of an allowance:

Pros:

Value of money: An allowance can help children to realize the value of money and that they need to delay gratification for things that they want and need. However, the allowance should be reasonable and age appropriate.

Reward: It can also be a reward for helping out with household chores.

Cons:

Poor perception of hard work: If an allowance is not tied to any sort of responsibility it can be thought of as a “right” to receive money for doing nothing. Think of capitalism vs. socialism.

Responsibility to family: Why should you get paid to do the dishes or make your bed? Isn’t this a part of being a family and being responsible? There is an expression that charity begins at home.

Blended Approach:

Set chores, reasonable allowance: An allowance can be tied to completing a set amount of chores that are age appropriate for a small allowance. The allowance should not be too small, but not too large.

Reward for extras: A reward can be given for going above and beyond with helping out, but it doesn’t always have to be monetary. I know that I work harder with simple words of recognition, but ice-cream and Italian pastries are very effective also.

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