Blog Post – Should you give your kids an allowance or not?

I agree that parents should give their kids an allowance. However, we need to keep two questions in mind: 1) Should parents give an allowance as a reward based on the chores they do around the house or the grades they receive in school? and 2) Are the kids financially responsible enough to have an allowance?

An allowance, just like most things in life, can be a good thing or a bad thing. It can be supportive or unsupportive. It can create self-reliance or dependence. It all depends on how you use it, how you and your child interpret it, and the experience your family has around it. What’s important is the education you teach your kids around money. If a child isn’t given the information, tools, and responsibility of managing money when he is young, including opportunities to have success with it, find pleasure with it, and make painful mistakes with it, that child often grows up to be an adult who just doesn’t have a clue what to do with money when he starts earning it himself. On another note, if a child is exposed to and practice positive money habits when they are young, they have a pretty easy time maintaining those positive financial habits as adults. With a few basic, time-tested money-management skills and wealth principles under their belts, they have an easier time becoming financially free!

Do you give your kids an allowance? If you do, do you feel they have the tools to be financially responsible?

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