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A topic that comes up in our home quite often is the question of allowance.  While it does make sense for many kids to get an allowance from their parents, there are also negatives too. It helps children to learn the value of the things that they want, while teaching them to learn how to make financial decisions, budgeting and money management. We might not have learned these lessons as children and ended up in financial trouble by adulthood. Giving your children a small allowance from a young age can help them to potentially avoid this. But is it a good idea?

For some, they don’t believe in paying children for chores. After all, they live in the same house and are responsible for their own things. They should be doing their chores without the need for a financial incentive, right?

Whether or not you decide to give your child an allowance, using a software like Goalsetter to help your children learn to save their money is smart.

Let’s discuss the different types of allowances as well as their pros and cons.

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Regular Allowance

Giving your child a set amount on a weekly basis would be considered a regular allowance. There is some evidence to say that a regular allowance is the best thing that you can do for your child.

Pros

  • Your child can learn to plan ahead for the things that they want to purchase.
  • Your child can learn to manage their own money.
  • Parents can easily plan what allowances they pay, based on their own budgets.

Cons

  • Unconditional allowances that are given regularly can breed a sense of entitlement.

Allowance When Needed

Some parents don’t believe that a child needs their own money, so instead, they will give them an allowance when they need it for something special, like going out with their friends.

Pros

  • This offers the ability to negotiate and come to mutual arrangements, allowing your child to get what they want, when they need it.

Cons

  • A child can’t learn money management this way because they will always have money available to them, when they need it, without having to earn it on a regular basis.

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Allowances For Chores

This is likely the most popular way children can earn an allowance; jobs around the home in exchange for a monetary reward.

Pros

  • Earning money for doing something helpful, gives the child a sense that they are doing some good in the home.         
  • This creates a good connection between earning money for work and is setting them up for what it will be like in the future.
  • The lesson that you have to work hard to earn money and it’s not just handed to you.

Cons

  • There is an expectation when living in a home with family that you have responsibilities.  Paying for this undermines that expectation.
  • You may find yourself being asked for money when you ask your child for a job to be done.
  • If you’re short on cash, you could find your child refusing to do the jobs you’ve asked.

Allowance is a very personal thing and it’s something that you should decide together as a family. There is a fine line to being taken for a ride and coming to a fair arrangement, and ultimately you have the final say.

Do you pay your children an allowance for cleaning? Comment below and let us know!

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Some don’t believe in paying children an allowance while others find it's a great way to teach their child about money management. Here are the pros/cons.