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Allowance and Kids - Setting Them Up for Lifelong Success

It’s never too early to teach your kids responsibility when it comes to money. The same goes for the value of hard work. One of the best ways to teach this is by giving your kids an allowance for helping out around the house.

Related Article: 3 Most Important Money Lessons to Teach Your Kids

I grew up in the era where you were expected to pitch in around the house, so an allowance was a foreign concept to me. We had everything we needed growing up and saving my birthday money from relatives is how I got the extras. Now that I have kids and I see how much things have changed, I really wanted my kids to understand how to work for money, how to save and have the ability to make responsible decisions about what they spend their money on.

There are many ways that you can give your kids allowance.  You can pay them per chore completed or a set amount at the end of the week if they complete all of their chores. You can also have them complete chores towards something that they really want. Whatever way you choose to do it, here are a few tips to make sure that you are teaching your kids the value of a dollar and working for pay. They will be doing it their entire adult life whether they work for the man or for themselves.

Put it In Writing

Hanging up a chore chart or making a list of responsibilities will let your kids know exactly what your expectations are and what they need to do. For small children who can’t read, show what you want them to do in pictures. When your kids get into the working world, they will have a job description and a list of tasks that they will need to do to get a paycheck. Starting with the concept early will help later on in life when they are in the working world.

Related Article: 3 Ways to Get Your Kids to Save

If you aren’t creative, you can find some great free printable chore charts at this site instead of making your own.

Supervise

Make sure that you are checking up on the chores your kids are completing. If they aren’t doing the job correctly, show them what they are doing wrong and help them fix it instead of doing it yourself. Don’t just hand them their allowance if they haven’t completed the job correctly or are skipping work all together. It’s important that they know the value of following through to get the job done (and getting it done right).

Keep it Age Appropriate

It’s really important to give your kids age appropriate chores that challenge them but aren’t too difficult. Would I love for my 5 year old to do the laundry and vacuum? Absolutely! Would I expect him to be able to do it? No way. You can increase the difficulty of the chores, along with the amount of allowance, as your child gets older. Just because they aren’t old enough to do something themselves doesn’t mean that you still can’t show them how to do it. Having them work with an older sibling on their chores and helping you out can also be a valuable lesson.

Many debates have been had about whether to give kids an allowance or not – after all, we put a roof over their heads, food on the table and iPads in their hands. Whether you choose to go the allowance route or not, it’s important to instill a work ethic in kids from an early age. You aren’t doing them any justice by sending them out into the world without these skills. Your kids’ future bosses will thank you.

Related Article: The High Cost of Having Kids

Photo Credit: digital internet

Jen Carl Jen Carl is a writer, blogger and mom living in Raleigh, NC. Once a big city career girl, she happily traded it in for a quiet life in the south. Jen is a reformed shopaholic who loves to help convert others to her thrifty ways. Her expertise includes budgeting, saving money and parenting. Jen enjoys crafting, cooking and DIY projects.
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