In our kitchen hangs a sign that details the daily chores expected of our children. We have separate lists for weekdays and weekends, with some tasks overlapping. Each day, they need to brush their teeth, pack their lunches, tidy up after themselves, and engage in creative or physical activities. Homework is a must, and on weekends, there are specific chores assigned, like my daughter cleaning the family van and my son sweeping and mopping the kitchen and bathrooms.
While there’s more to it, the essence of these tasks is about instilling responsibility in them while also ensuring they contribute to household upkeep. However, we don’t pay them in cash. Instead, they’ve learned that their efforts translate into screen time, which has been a surprisingly effective motivator. As a parent, I appreciate this approach because it doesn’t hit our budget, and it allows me to incentivize them to help our neighbors, too. For instance, I often reward my son with screen time for assisting elderly neighbors or for tasks like helping friends move. It’s a great way to teach him about being a good community member without affecting our finances.
That said, many parents still opt to give their kids a monetary allowance. I can’t help but feel that soon my son, who is 12, and my daughter, who is 9, might start asking for their own spending money. With my son’s friends inviting him to outings, it’s becoming apparent he’ll need some cash. So, how much should I give him, and for what chores?
I find it reasonable to offer screen time for daily activities like brushing teeth, as it avoids morning conflicts and costs me nothing. However, paying them actual money for those tasks feels excessive. After hearing an NPR interview discussing allowances, I began to reconsider my perspective.
According to a survey by the American Institute of CPAs, parents typically give about $30 a week in allowance, which totals $120 monthly. This figure seems quite high; it’s close to what I earned working part-time during high school. What struck me most in the discussion was not the amount, but the financial lessons children can learn from having an allowance.
Michael Eisenberg from the AICPA highlighted that giving kids money is crucial for teaching them to spend wisely. When my son receives money, he behaves as if it’s burning a hole in his pocket, eager to spend it immediately. This makes me anxious about his future financial habits.
Eisenberg suggests that parents should take their children to the bank to set up a savings account. Witnessing their savings grow can instill a sense of financial responsibility. I remember my grandmother insisting I save a portion of my paycheck, which I resented at the time but ultimately benefited from when it helped fund my college education.
Of course, not every family has the means to provide an allowance. In such cases, Eisenberg recommends discussing family budgeting with children. For example, parents can set aside money for future purchases, like school supplies or shoes, teaching kids about financial planning.
So, the question isn’t whether I can afford to give my children $30 a week—because I can’t—but I’m contemplating transitioning from screen time to a traditional allowance. I see the value in teaching them money management, so I may adopt a hybrid approach of both methods.
There are various ways to encourage children, and it doesn’t always have to involve cash. Regardless of how you choose to manage your household, it’s important to consider what lessons your kids can learn—whether it’s being a responsible community member, assisting at home, or understanding financial literacy. As parents, we have more options than simply handing out money. Let’s explore these valuable opportunities.
For more insights, check out this other blog post that discusses related topics. Additionally, for authoritative information on the matter, visit this resource or read more about insemination options at Healthline.
In summary, I’m reconsidering how I approach allowances for my kids, weighing the benefits of traditional monetary allowances against incentives like screen time. Ultimately, it’s about teaching them valuable life skills while fostering responsibility.