|
|
Oh! Mommy, can I have this please!”Jul 11 '01 Write an essay on this topic.
Popular Products in Building Supplies
The Bottom Line Whether you give them an allowance or not, they eventually will get one, only its not called an allowance but a paycheck.
“Mommy, Mommy, Mommy, can I have this please!” “Daddy, Daddy, Daddy, oh please, oh please buy this for me!” If you are a parent depending upon the age of your child these words may sound very familiar, as you listen to your child’s appeals for a brand new toy, video or candy. Even if your child has out grown the, “Mommy/Daddy please phase” their demand for clothing, shoes and eventually the dreaded car are financial issues the family will have to address. Unless your child has released a multi-million dollar teen album, or star in a prime time TV shows, it’s likely that an allowance or some type of trade and barter system is their major source of income. Parents generally hold the financial trump card when it comes to shelling out money to their children. Parents have the winning hand when it comes to teaching their children about money and financial responsibility. Initially, your child’s limited income most likely comes from gifts however as the gift money begins to fade their primary source of income comes from good old ‘Mom’ and or ‘Dad’. My parents instilled core values teaching me that if I gave an honest days work then I would receive an honest days pay. Teaching a child about money begins with giving them their first piggy bank. Of course as a child my parents didn’t make me work from sun up to sun down, but I was given chores, and received an allowance. Some of the chores I received I liked more than others while less likable jobs were placed on the back burner. However, not doing my chores or half doing them usually resulted in some form of financial loss, meaning I didn’t get my allowance. I cannot remember the age my parents started having me do chores, nor do I remember the exact amount I was paid but what I do know is that they were fair. Determining how much to give your child for their allowance can be a formidable task. In deciding how to give your child an allowance, make sure it’s a joint parental decision. I believe the amount a child receives should be an amount that will motivate and encourage them. An allowance can be established just like your real world 9 to 5 job. Their allowance can be based on their performance of chores, or it can be a reward or gift or a combination of the three. However, your child shouldn’t receive an amount that is larger than all of their wants, demands and needs. It’s important that parents begin to teach their child how to become financially responsible. It’s better to err on the cautious side at first than lavish them with more money than they know what to do with. Otherwise, if your financial situation ever changes, you have to cut their allowance like the national debt. Children usually don’t handle cuts in their allowances well; in fact no one is happy with a pay-cut. Regardless of how establish an allowance, one of the most important factors is that you be consistent. There nothing worse than a wishy washy allowance based upon a mood swing or feeling. Most adults would not work for a boss that paid them whenever he or she felt like it. Parents should keep their agreement and never promise an advance is you don’t have it. And be sure your child understands if they borrow against their allowance, it must be paid back or that it will be withheld from future earnings. As a Social Worker helping families I’m often asked questions about how much to give for an allowance. Children usually attempt to put me in the middle in hopes I advocate for them to get more money. However, they are usually disappointed. My first recommendation is usually the opposite of what the child wants, parents should not over do it, don’t be too extravagant! Eventually you’ll want to encourage financial independence recommending that your son or daughter pursue part-time employment outside of the home, so you don’t want their allowances to match their accentuating budgets. As your child gets older, their attitude toward working in their home and expecting an allowance should evolve. Parents should strive to teach core values regarding work and responsibility. When your child does not complete their chores, or they appear lazy, the best way to motivate them is to dock their pay. Make them work, make them earn it! When teaching your child about financial responsibility you are preparing your child to leave the family nest one-day. The final decisions regarding allowances rest with the parents. A parent’s main responsibility, whether they give an allowance or not is to provide the basic needs of shelter, food and clothing for their children. What makes a great parent is not the amount of money their child receives but the attitude they have providing theses needs. A parent who tells their children that they could do this or that if it were not for having to take care of them is at the bottom of the scale. A parent who sacrifices things for themselves so that their children can have there basic needs met, or in cases of poverty-stricken families, lunch money for a good nutritious lunch are at the top. Ultimately its not how much money is given, in their allowances but what values are taught. Children are influenced by the attitudes of their parents. If a parent demonstrates a dislike for allowances then children will tend to assimilate these attitudes. After all, they will eventually outgrow their toys and clothes, but the influence of good core values will last a lifetime. Unless your child plans on retiring after high school or college they eventually will enter the workforce. I personally recommend children be given an allowances, at the age when they can handle money and the amount should be based upon the families financial status.  |
| Write the first comment on this review! |
