Tuesday, January 31, 2006

Allowance 2 - Teaching kids to be responsible

As I read the comments in my previous post, I noticed that most of those who left comments give allowance to their kids. It made me wonder if I’m the only one who doesn’t. And so I asked five parents here in Winnipeg if they give allowance to their kids.

Mom A doesn’t. She said that once, she gave her son allowance but his classmates would borrow money from him and never paid back.

Mom B does. But her kids get allowance more for extra chores that they do around the house. Most of their needs are already being provided for, but it’s a fun way for them to earn their money and to spend it or save it as they choose.

Mom C doesn’t. Her son does not have interest in money yet. His schoolmates would also borrow money from him without paying back.

Mom D doesn’t. When her kids were in elementary, she gave them money on occasion when they wanted to buy something and she let them keep the change. She also gave them money on birthdays and Christmas. When they turned 16, they took on part-time jobs and she stopped giving them money.

The one dad that I asked does. He gives his kids just enough for snacks or if they don’t bring lunch or if they stumble upon something in the store. With a little money in their pocket, they won’t be out of place with their friends if they happen to go to 7-11 Store and buy chocolates or slurpee.

Like Mom C’s son, my children do not have that much interest in money either. As Mom B said, most of my kids’ needs are well provided for, too.

I noticed that some do give allowance in return for chores. I give my children chores but they don’t get paid for it. Although, I have to admit that if they want me to buy them something big for their birthdays or Christmas, I sort of remind them to be more attentive to their chores.

I do try to instill in my kids’ minds the value of money. They know that we don’t have a lot and they can’t have all the things that they desire. I have also set up a savings account for each child. They put in some of their birthday and Christmas money in the bank. When they want to buy something and I don’t have the extra money, they take it out from their account.

I guess in the end, we, as parents, want to teach our children the value of money and how to handle it responsibly. I don’t think that there is any right or wrong way of teaching them. We all do it differently depending on what works best for us and our children.

Thanks, guys, for all the input.


watson said...

Hello niceheart. Thanks for this light talk on the subject of kids and money. Baby Jo-Lo is only seven months old, but we will also surely encounter this "issue" too in the future. To each his own, eh?

Darlene said...

I give allowance to the little ones according to age, and my teenaged son gets paid according to chores. He cleans an hour a day instead of getting a job delivering papers or babysitting. I see I'm not the average on this one.

myepinoy said...

I totally agree with you that as parents we do things differently with regards to raising our kids. What applies to my kids would not apply to others.

I guess the most important thing here is that as parents we know what to teach our kids.

earthember said...

The two mothers' reason of "schoolmates borrowing and not paying back" caught my eye. Come to think of it, when I was at school, borrowing money from classmates was pretty common. I had a hard time getting the money back too.