How to Make a BankerOct 02 '01 Write an essay on this topic.
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The Bottom Line Go ahead, but set some ground rules.
Seems like nothing about being a parent these days is simple. There is a debate over every facet of raising a child: to spank or not, to potty train early or not, to let them play with toy guns or not, to give an allowance or not, etc. Though there are never any definitive answers, it doesn't hurt to have all of the facts before you make your decision. In my own home, I thought it was high time my son learned the value of money. Every time my four-year-old would enter a store, his pleas for me to buy him something were endless. I thought to myself, "if I give him an allowance, maybe he can understand why Mom always says 'I can't buy that today'.'' Well, we cut out the picture of a Thomas train he wanted and put boxes on it to check off until he saved enough money to buy it. All was perfect until we get into Big Lots and Ty scrambled around asking me what could he buy with his allowance? He had only two dollars at this time and after he picked up the nineteenth item, batteries, asking did he have enough for it, I knew that my careful plan had failed miserably. It seemed he enjoyed buying just to be buying, even if it was batteries! Even though it didn't work for me, I still think giving allowances to your children is a good idea if you want to! Here are a few things to consider to make sure you are more successful than I was: Age Make sure your child is old enough to appreciate or at least glean something from the lesson you are trying to teach. A good age to start might be 7, when children have a much firmer grasp on numbers and money. Amount Though this is purely a preference, I think it is important to consider how much your family can afford and how much his peers get. In my circle of friends the amount varies with age between $2 and $15 per week. We started Ty off at $2 a week. I've read somewhere that a good rule of thumb is to give your child fifty cents per year of his age. That means that a six-year old would receive a weekly allowance of $3.00. The Lessons Learned If you are truly trying to teach your child about money, then make a deal with yourself. First, let them be responsible for their own purchases. Don't put restrictions on how they should spend. It may be wise to suggest ways to divvy up the cash, much like you do for the family: some for wants and needs, some for charities or church tithes and some to put away for savings. Secondly, don't bail your child out when they spend it all. If they spent their allowance on a Super Soaker on Friday, don't give them money to go to a movie with friends on Saturday. Pay based on Performance? I keep allowances and chores two separate issues. It's my personal feeling that you should impart to your children that they must do chores because they are part of the family and household and not because they are paid to do so. If you'd like for your children to experience working for pay, try paying them extra for extra jobs around the house for which they wouldn't normally be responsible. If you are thinking that just giving your kids money weekly without assigning responsibility to it, think about this: you should assign certain financial responsibilities to this money. For instance, for my 4-year old, he knows now that he can have those little treats in the store if he hasn't spent his allowance yet. A six-year old would be responsible for buying his own Pokemon cards and 16-year old would be responsible for buying their own gas. Money as a Reward When I was a girl, my friend's parents used to pay them for A's and B's earned on their report cards. I broached the subject with my parents, which was flatly denied. My mom's response was always "I'm not paying you for what you should be doing anyway!" I thought that they were ogres at the time, but come to find out, they may have had a good point. When we use money as a reward, it undermines the message you are trying to send. Instead, convey your delight with kind words, a hug, stickers or maybe another special treat. Explain that doing homework and listening in class has its own rewards: doing well in school. I believe that whether or not you give an allowance, whether or not you attach chore responsibilities to it, or however much you give is nowhere near as important as the example you set for your children. If you make responsible financial choices throughout your life, it will rub off on your children.  |
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