I always knew I wanted to be a parent… I would discuss with friends and my family about the type of parent I wanted to be. What type of parenting style I would have, what I would allow them to do/not do. I thought about what traditions I’d teach my kids, and which ones I wouldn’t teach them. Since my eldest child Keera was born, a lot of my thoughts on parenting has changed. There however will always be some views, I’ve got that will never change. Such as I said I wanted to teach my kids to be polite, hard-working, and to be appreciative of what they have. I decided that I wanted to give my kids an allowance, so that they can understand the value of money. This money isn’t tied to chores they do, they are expected to help out around the house regardless.
I buy my kids all the things they require, this money is just if they want something extra. With my help they have to sort their money, into four categories based on percentages; Spending, Savings, Piggy Bank, and “Charity”. For the most part the kids are allowed to do what they want with their spending money, but I have ultimate veto power. This prevents them from spending all their money on candy, or on Dollarstore toys that just end up in the trash. I think that it’s important to teach the kids about money, and that they’ve got to save up for the things that they want. They need to know that money doesn’t just appear out of thin air, you’ve got to work for it.
A couple of years ago, Keera asked me if we could go buy some type of gaming console. I can’t remember which one it was exactly, but it was more than a couple hundred dollars. I told her we didn’t need it, and I didn’t have the money for it at the time either. I was baffled by her response “let’s go to the bank, and get the money”. I knew than at that moment, it was extremely important to teach the kids about money. I don’t want my kids growing up thinking that money just appears in the bank, someone has to put it there. Emilee’s only two right now, so she doesn’t really understand the concept. Keera and Zaden on the other hand, are old enough to know money basics.
So when Keera asked me for some money the other day, I told her she’d have to earn it. I got her to fold a pile of clothes I put on the table. I believe that it’s important to teach your kids life skills, and it can be something as simple as getting them to fold their clothes, feeding a pet, helping you cook. Anything that’s going to teach them how to do things on their own, when they’ve got to move out. I know my kids are still young, but it’s easier to start when their young; so that it becomes a habit for them. In the end Keera decided instead of spending the money she earned, she wanted to put the money she earned in her piggy bank for another day. Proud mama moment right now. 🙂
Do you give your child(ren) an allowance? If you do, how much do you give them?