Do you give your child an Allowance?
Are you giving or planning to give your child an allowance? Why or why not?
My husband wants to give our son an allowance. But I feel it might not be necessary. He is very loose with money and I am much more tight. I was never given an allowance and I started working part time at 13. I appreciated and saved everything I earned. But my husband is more of a spender and was more provided for growing up. So I don't know if I'm thinking being given free money leads to spending? Maybe I'm wrong. But I just want to teach my child to save, not spend.
What are your views on allowance?
I don't give my children an allowance. I did get one when I was a kid. I got 20 dollars a week for basically keeping my room clean. I honestly don't have enough extra money to give it away like that! I have tried giving them an allowance to help around the house but it seems that I don't give them enough in their opinions.
I wouldn't say giving your kids an allowance is going to make them into spenders though. Maybe you could set something up to where they put back a certain amount of the allowance you do give in savings? They will have their money to spend but still be learning how to save.
I think what I plan to do is give my child an allowance, of which a portion we will "keep" to put in her bank account for savings, and give her a portion to spend. I think that's probably about the most realistic and real world type scenario - she will be expected to help out with chores around the house for the allowance, but I definitely want her to understand that saving for a rainy day is important! I also want her to really understand the difference between "wants" and "needs" when it comes to buying things!
Allowance is totally okay If given genuinely. However, a child should understand where it comes from and what it truly means to you and him. I was given some allowance even after reaching 21, as I was struggling while pursuing my dream. Eventually, I succeeded. I guess it would have never been real If the relationships in my family weren't built on mutual trust.
However, I understand you. We must make our children understand what it takes to earn money and to respect one's labor.
That's why the best option would be: 50% allowance, 50% his/her own earnings.