Kids Allowance
The “Kids Allowance Debate” started a long time ago and still continues today. Will it help my child grow into a financially secure adult or will it hinder my child’s ability to handle finances? Do I give a kids allowance or don’t I?
After thinking about this question and speaking to many experts (more on that later), here’s my answer: There is no right or wrong decision as far as a kids allowance is concerned. All you need to do is find what works for you.
If you were given a kids allowance when you were young, chances are you will give your kids one. If you weren’t given a kids allowance when you were young, chances are you will not give your kids one. The more important question is whether your financial background put you on a path for financial success.
What do I mean? To give a kids allowance without any money training has the potential of ending in a disaster. We give pencils to our kids so that they learn how to write. We give books to our kids so that they learn how to read. Giving money to our kids without their learning how to save, donate, invest and spend it won’t increase their chances of ending up on a strong financial ground. It will decrease their chances. And we don’t want that! ;o)
You want your child to grow up secure with his or her money. You want them to learn the difference between buying something he or she needs and buying something he or she wants. When kids work hard for their own earnings and purchase items with that money, they learn respect, responsibility and appreciation. Having an allowance given, just because, eliminates this opportunity for kids. A kids allowance promotes a feeling of entitlement! ;o)
So, I don’t believe in giving a kids allowance. Money is not something to be expected. It is something to be earned. I believe in entrepreneurial skills and creative thinking over a straight allowance. I believe in fostering financial independence by helping your child find kid-friendly, creative ways to make money. That discussion, however, is for another time. ;o)
Some children are born entrepreneurs. Some are not. Those that are will be excited about earning their own money. Those that are not will be overwhelmed earning their own money. So do you give a kids allowance or not?
Every kid needs encouragement. Both those born with or without entrepreneurial know-how need it. To encourage your child to find his or her inner entrepreneur (something I believe in), and if you decide an allowance is the way to go, then give a small allowance. I personally recommend this kind of kids allowance and I also recommend that it be used for needs not wants. Now that’s a discussion for another day too. ;o)
Kids need to practice with money. No practice with money? No lessons learned. No lessons learned? No skills learned. No skills learned? You now have a disaster on your hands.
To give or not to give a kids allowance, that’s the question. Remember in the beginning when I said I thought about this question and spoke to experts? Well, I did more than that. ;o)
Here is a FREE ebook “Allowance Secrets: To Give or Not To Give” where the top 25 “kids and money” experts, family coaches, and highly successful entrepreneurs share their personal opinions and tips on whether or not to give your children an allowance. Before you make your decision.
Financial beliefs are formed when we are young. Habits and belief systems go hand in hand. Habits lead to beliefs about money and beliefs about money help form habits. Let your decision lead your children to a solid financial ground.
Cheers … Amanda van der Gulik … Excited Life Enthusiast! ;o)
After thinking about this question and speaking to many experts (more on that later), here’s my answer: There is no right or wrong decision as far as a kids allowance is concerned. All you need to do is find what works for you.
If you were given a kids allowance when you were young, chances are you will give your kids one. If you weren’t given a kids allowance when you were young, chances are you will not give your kids one. The more important question is whether your financial background put you on a path for financial success.
What do I mean? To give a kids allowance without any money training has the potential of ending in a disaster. We give pencils to our kids so that they learn how to write. We give books to our kids so that they learn how to read. Giving money to our kids without their learning how to save, donate, invest and spend it won’t increase their chances of ending up on a strong financial ground. It will decrease their chances. And we don’t want that! ;o)
You want your child to grow up secure with his or her money. You want them to learn the difference between buying something he or she needs and buying something he or she wants. When kids work hard for their own earnings and purchase items with that money, they learn respect, responsibility and appreciation. Having an allowance given, just because, eliminates this opportunity for kids. A kids allowance promotes a feeling of entitlement! ;o)
So, I don’t believe in giving a kids allowance. Money is not something to be expected. It is something to be earned. I believe in entrepreneurial skills and creative thinking over a straight allowance. I believe in fostering financial independence by helping your child find kid-friendly, creative ways to make money. That discussion, however, is for another time. ;o)
Some children are born entrepreneurs. Some are not. Those that are will be excited about earning their own money. Those that are not will be overwhelmed earning their own money. So do you give a kids allowance or not?
Every kid needs encouragement. Both those born with or without entrepreneurial know-how need it. To encourage your child to find his or her inner entrepreneur (something I believe in), and if you decide an allowance is the way to go, then give a small allowance. I personally recommend this kind of kids allowance and I also recommend that it be used for needs not wants. Now that’s a discussion for another day too. ;o)
Kids need to practice with money. No practice with money? No lessons learned. No lessons learned? No skills learned. No skills learned? You now have a disaster on your hands.
To give or not to give a kids allowance, that’s the question. Remember in the beginning when I said I thought about this question and spoke to experts? Well, I did more than that. ;o)
Here is a FREE ebook “Allowance Secrets: To Give or Not To Give” where the top 25 “kids and money” experts, family coaches, and highly successful entrepreneurs share their personal opinions and tips on whether or not to give your children an allowance. Before you make your decision.
Financial beliefs are formed when we are young. Habits and belief systems go hand in hand. Habits lead to beliefs about money and beliefs about money help form habits. Let your decision lead your children to a solid financial ground.
Cheers … Amanda van der Gulik … Excited Life Enthusiast! ;o)