Children progress through many fascinating stages in life. Lately, my 7-year-old kid displays curiosity beyond toys, engaging in more substantive chats with his friends. Recently, following a conversation with a classmate who receives an allowance for household chores, he expressed a desire for the same. This got me contemplating the timing and overall necessity of implementing such a payment strategy.
I recognize the benefits of allowances, such as promoting responsibility, encouraging household contributions, and imparting money management skills. Nevertheless, I’ve chosen to withhold an allowance for now, and here’s why:
1. HE SHOULD NOT EXPECT PAYMENT FOR TYPICAL HOUSEHOLD TASKS.
At present, my young son is only expected to tidy his toys and make his bed, while significant household chores are handled by my husband and me. I’ve been guiding him to hang up clothes and vacuum, but he doesn’t do these activities regularly. Any chores he can manage are his contribution to the family. I feel it would be detrimental to start paying him for these fundamental tasks, avoiding setting him up for unrealistic future expectations. After all, my husband and I aren’t paid for maintaining our home.
2. I DON’T WANT MONEY TO BE THE SOLE MOTIVATOR.
Curiosity about money and buying toys have mesmerized my son. However, he’s not equally interested in performing chores or assisting around the house – he’s more excited about the potential rewards. I view this as a red flag. I want him to appreciate the intrinsic value of cleanliness and organization, rather than performing these tasks solely for monetary gain. I worry that if I introduce an allowance too soon, he may only be willing to help out in the future if there’s financial compensation.
3. THERE ARE ALTERNATIVE METHODS TO TEACH FINANCIAL LITERACY.
While some parents argue that giving children an allowance teaches them money management, I don’t fully endorse this view. My son mainly desires money for additional toys, which he doesn’t need, as he’s well-provided for during holidays and birthdays. Instead, I plan to offer him real-life budgeting experiences. For instance, he’ll be given a budget for his next birthday party, enabling him to understand pricing and spending. We can also discuss savings for college, and perhaps I’ll get him a stock gift card to introduce investing.
MY ALTERNATIVE STRATEGY:
I’m not opposed to my son receiving money occasionally; however, I’m uncomfortable with a fixed allowance for routine tasks. I may reward him for exceptional achievements, like attaining straight As at school. Additionally, I’ll allow him to collect and “grow his savings” with spare change found around the house, excluding quarters due to their laundry necessity. The aim is for him to understand that every piece of money holds value. Given his age and the available time for financial lessons, I believe this is currently the best approach.
I’m interested in other parents’ views on allowances – do you give one, why or why not, and do you think it’s beneficial for kids to have an allowance?
