SDBM Interviewed About Giving Kids Spending Money
I was recently interviewed in Family Budgeting, a resourceful site basked in the UK that shares all sorts of money-saving tips and resources. I was asked to share about my practices surrounding giving kids cash. It got me thinking – perhaps overthinking! I am looking for your insight and wisdom, here.
I go back and forth with what the most effective ways are to approach how much spending money the kids should have, how to teach them the value of budgeting, and what allowance amount is appropriate, etc. Do you pay older kids more and give younger kids less responsibilities in the house? For example, for a few months back, I stopped giving my kids their allowance, because I felt that they did not deserve it. Subsequently, I realized that, indeed, I was the one who was not making sure that they were effeciently doing their assigned chores. By not checking up on them regularly, I got sloppy. I have since remedied that issue by making sure I moniter them better. Likewise, I work with them to find opportunities to make extra cash.
While we are on the topic, do you think that $5 too much from the Tooth Fairy? LOL
What I do find, however, is that kids do need to have delayed gratification, yet at the same time experience that they have earning power.
Any tips or resources you can share? Help a Bargain Mama sistah out? Please?
Category: Community Connections, Kids & Family
Subscribe
If you enjoyed this article, subscribe to receive more just like it.
Five dollars is definitely too much from the tooth fairy! Or maybe our tooth fairy is just cheap?
I wish I could provide fool-proof allowance tips, however, we go back and forth on this subject too. My older kids are 11 and soon to be 9. We’ve done allowances in the past but it got to be a hassle. For many reasons we were part to blame for the failure of the system we created – not having cash on hand for pay day, having differing philosophies, etc. (I’m of the school of thought that allowance should be earned.)
We regularly give our children opportunities to earn money but not for family responsibilities – the things they should be doing anyway. For example, my husband owns a business that sometimes requires shipping items. When large orders come in, my kids get to earn .50 cents for each box they package. If our kids are saving for a specific item, we create opportunities for them to earn cash.
We also try to be reasonable about dispensing spending money during the school year. For example, they like to purchase snacks/fund-raisers from school – all snacks sold are classroom fundraisers and are “fairly” healthy.
Lastly, my husband and I collect change. We cash it in at a Coin Star machine once a year prior to vacation. The money is split between the kids to be used as personal spending money for souvenirs. Our vacation is much more enjoyable when the kids are not asking for money. They are able to budget themselves and spend the money on anything within reason. The main rule is that they are not allowed to save the money to buy video games or Webkinz when they get home from vacation!
Great points! hey, how did that media camp go?? You post on it?