In the heart of our kitchen hangs a well-organized sign detailing the daily chores expected of our children. We have separate lists for weekdays and weekends, although there are some common tasks. Every day, they must brush their teeth, prepare their lunches, tidy up after themselves, and engage in creative play. Homework is a must, and on weekends, my daughter is tasked with cleaning the family car while my son sweeps and mops the kitchen and bathrooms.
Of course, there’s more to it than just chores; it’s a blend of essential life skills and household responsibilities. However, there’s one key distinction: we don’t pay them in cash. Instead of money, our children earn screen time. This might be a classic case of modern parenting, but we initially tried to motivate them with money, which didn’t prove effective. So, we transformed the one thing they cherish most—screen time—into their currency.
The motivation this provides is astonishing. It costs me nothing, which is a bonus. One of the best aspects of this system is that it allows me to reward my kids for helping in the community without affecting our finances. At our previous home, I often exchanged screen time for my son’s assistance with our elderly neighbors, whether it was taking out their trash or helping with yard work. I also rewarded him when he assisted friends or helped his younger sisters with their homework. This taught him valuable lessons about being a good neighbor and family member.
Yet, many parents still opt for a monetary allowance. I’m not sure if we’re pioneers with the screen time approach, but my son, now 12, and my daughter, 9, may soon start seeking some spending money of their own. My son, in particular, is likely to want money sooner since his friends are inviting him to outings, and I’d like him to contribute his share.
So, how much should I give him? For what exactly? While I don’t mind providing screen time for everyday tasks like brushing teeth, paying them actual money for those seems absurd. However, after listening to an NPR interview about allowances, I’m beginning to doubt my previous stance.
According to a survey by the American Institute of CPAs, parents typically give about $30 a week in allowance. That translates to $120 a month and $1,440 a year. If that seems excessive to you, you’re not alone. At 37, I recall making that much during my high school pizza job. While the amount is subjective, what intrigued me most was the financial lessons children can glean from receiving an allowance.
Michael Eisenberg from the American Institute of CPAs emphasized how crucial it is to teach kids to manage their money wisely. When my son receives cash, he can’t wait to spend it, practically bouncing off the walls to get to the store. While I’m exaggerating slightly, his eagerness raises concerns about his future spending habits as an adult.
Eisenberg suggests taking children to the bank to open a savings account, allowing them to watch their savings grow. It may sound outdated, but I can attest to its effectiveness. As a teenager living with my grandmother, I was forced to save a portion of my paycheck, which I resented at the time. However, that savings helped fund my first two years of college.
Not every family can afford to give an allowance, and in those cases, Eisenberg recommends discussing the family budget with kids. Parents can explain expenses and discuss savings for future purchases, like a new backpack or shoes for school.
Ultimately, the question isn’t whether I can afford to give my children $30 a week—I can’t. Instead, I’m considering transitioning from screen time to a cash allowance, inspired by the financial education benefits. However, I still appreciate the flexibility of using screen time, so I might implement a combination of both.
There are numerous ways to incentivize children, and not all of them require money. As parents, it’s essential to consider what our kids can learn from these experiences, whether it’s about being a responsible community member, contributing at home, or understanding financial management. Importantly, we have a range of options beyond just handing out cash, and we should seize the learning opportunities available.
Summary
This article reflects on the evolving perspective of parenting regarding allowances, highlighting the benefits of teaching children financial responsibility through both monetary and non-monetary rewards like screen time. The author considers transitioning to a cash allowance while maintaining flexibility with screen time, emphasizing the importance of financial education and community involvement.