The Motley Fool Discussion Boards

Previous Page

Family Life / Family Fool

URL:  http://boards.fool.com/i-am-not-a-big-fan-of-allowance-on-a-regular-27498562.aspx

Subject:  Re: teaching kids value Date:  3/6/2009  12:20 AM
Author:  ishtarastarte Number:  6750 of 6776

I am not a big fan of allowance on a regular basis.

There are certain things that are basic, that C must do, as a member of the family, to keep the household running. That is independent of the allowance.

The allowance is for her to learn to manage money. It started out at $1/week when she was in kindergarten. It stopped for awhile when we were really having a bad time.

Now, she gets $12/wk (she's 13). She has to use it to buy magazines, make-up, razor blades (she wants a fancy razor, so the cost is on her), gum, candy, soda, itunes, movies, lunch at school, etc.

She can earn extra money by doing extra chores without being told, or doing things for friends and neighbors.

Last year, she saved up enough to buy an ipod, and she treats it as if it were made of gold, because it took her months to save up for it.

My feeling is that she needs to start learning to manage an income now, so that she isn't struggling to learn it in a couple of years when she is working.

Ishtar
Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us