My two teenagers, Justine and Jack, are polar opposites when it comes to money. Justine loves to save and Jack can’t keep a nickel in his pocket.
With so many different thoughts on kids and allowances, I’ve come to the conclusion that no one way is the right way. The right way is what works NOW for your family.
Kids And Allowances
Let’s explore different allowance systems and the ups and downs of each!
Choose an allowance amount to give to each child on a certain day of each week.
Upside of weekly allowance – Allowance is predictable for the kids. They know what to expect and when.
Downside of weekly allowance – I had to make sure I had two fives on hand every Friday. If the kids wanted a larger item, it took quite a while to save.
Choose an allowance amount to give each child on a certain day of each month.
Upside of Monthly Allowance – Allowance is predictable for the kids. They know what to expect and when. Easy for parents to pay a monthly allowance right along with the regular bills.
Downside of Monthly Allowance – The kids have to budget wisely to make their money last throughout the month. (This could also be a good thing.)
Work for Pay
It’s the real world! Kids earn any money they receive by doing chores.
Upside of Work For Pay – Kids learn that nothing in life is free and they must work hard to earn money.
Downside of Work For Pay – Tracking chores with chore charts and having the correct change to pay for chores.