February 10, 2010
Allowance & Chores?
Dear Mrs. Figgins:
Our children are at the age where an allowance might be appropriate.
My sister and her husband are very well off, and give their children healthy allowances. Those kids are spoiled rotten. Money is generally on demand and nothing is required of them.
Do you have any ideas or advice on how we should dole it out and what chores we should expect?
Nancy & Louie,
Dear Nancy & Louie:
Many parents follow the concept of allowance for chores. My advice is to keep them separate and use a simple consistent system.
Chores should be included as a responsible part of being a family member. No money should exchange hands for this. Children should do their age appropriate part in helping make the home a clean, safe and happy environment.
Allowances help children build an understanding of money and encourage independence. An allowance should be part of teaching kids how to how to budget, anticipate and save. Depending on their age, opening a bank account for each of them is a great idea.
While granting a “request” may be bring a parent great joy and pleasure, money on “demand” should not be allowed.
Mrs. Figgins
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