Posts Tagged ‘allowance’

Tips for Helping your Children Understand Money

How many times have you told your child, “Money doesn’t grow on trees”? I know I used to tell my boys that on a regular basis. Sometimes it felt like I was telling them this several times a day. Small children and sometimes the older ones as well, don’t understand this, but it’s something you need to show them or they’ll have money problems for years to come.

We give our boys an allowance every week, but it doesn’t come free. They must do chores around the house or they won’t get it. Those chores include taking out the trash, rolling the garbage can to the street once a week, taking care of the dog, cleaning their rooms, and helping pick up other rooms in the house. It’s not a lot, but we do expect them to help or they won’t be paid.

It’s no different then a regular job or a business. If you sit around and do nothing all day, you’re not going to receive a paycheck for it and if you do it won’t take long before it’s noticed and it comes to an end. Well you need to treat the chores and allowance the same way.

If they don’t do what’s been assigned to them for the day or week, the allowance will either be docked for a certain amount or it won’t be given at all. This may be hard to do, so you’ll need to come up with a way to make it work. Pay a certain amount of money a day or per chore so it’s easy to dock it from the pay when it’s not done. Using a whiteboard may help with this or you can create a spreadsheet with the chores and boxes to mark when it’s been done.

Another thing we struggled with was with them borrowing money. If one of the boys wanted something at the store, but didn’t have the money we used to buy it for them and not require them to pay us back. It got to a point where he would purposely leave his money at home because he knew we’d just buy it for him. While this was a hard lesson it was one we decided was a must. We were spending way too much money doing this and it was defeating the purpose, so it came to an end. Read the rest of this entry »

Tips for Allowance Discussions

Discussing allowance can be hard if you’re not prepared when it comes to talking with your children. There are a number of things you need to know and have in mind when it comes time to have this talk. Here are some tips for you to use when the time comes.

The first thing you need to do is decide what chores your children will do and you need to make this decision based on their age and ability. You don’t want to give them chores that are too hard for them and if you have younger children you don’t want to give your older children chores that are too easy, but just perfect for the younger ones. So it’s important to make this decision ahead of time.

The next thing to do is decide how much you will pay your children for the chores they will do. You can pay them per chore or per week, but it’s important that they know how they will be paid. It’s also important for them to know what happens if they don’t do the chores. While this is hard to enforce, you must do it so they know you are series. It’s also a good way for them to know what happens in the real world when they get a job.

Once these two decisions have been made you need to decide how you will keep track of the chores and how you will assign them if they will be different from day to day or month to month. There are a couple of ways to do this, but not all of them may work. So you need to look into them and decide what you will use.

1. Chore list
2. Paper on the fridge
3. Whiteboard
4. Memory

Each one has its own advantages and disadvantages so you need to consider those before making a decision. The whiteboard and possibly the chore list will cost you money so you definitely want to think about those before you make the purchase. The paper on the fridge and memory don’t cost anything so you’re not out anything if they don’t work.

Paying allowance can be hard if you don’t regularly go to the bank or have cash on hand, so it’s important to make sure you find a way to get the money and pay them regularly. They will become discouraged and not want to do the chores if you don’t pay them like you decided. You may want to consider paying them when you get paid or get the money at the beginning of the month and then pay them each week.

Once the allowance discussions have been done it’s time to put everything into action. Make sure everyone knows when the chores must be done, what happens if they aren’t, and when payment will be made. It’s important to do chores and when you enforce it each day or week your children will become responsible adults from it.

Corrie Petersen runs a successful Virtual Assistant business and she’s the owner of http://WAHM-Articles.com. She is married and has a teenager and a tween. She loves spending time with her family. Catch up with everything she has going on when you go to http://peekintomylifeasasportsmom.com to read her mommy blog.

About Corrie



Virtual


My name is Corrie and I'm from Wyoming. I've been married to Kevin since 1993 and we have two wonderful boys.

I'm a Virtual Assistant and a Ghostwriter. I love what I do and I enjoy spending time with my family.

I hope you enjoy these posts.
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