Why an allowance won’t teach your kids about the value of money.
So your child is at the age where they need funds for their specific needs and wants. Chances are you’ve probably considered starting an allowance, if you haven’t already implemented one. The fact of the matter is, an allowance is the last thing your child needs. Let me tell you why.
Something for Nothing
The last thing you want to teach your child is that they can get something for nothing. Your child should not grow up thinking that everything is going to be handed to them on a silver platter. This is exactly what an allowance does.
Destined to be Broke?
So if your not going to give your child an allowance, are they destined to be destitute and broke until they are old enough to go out into the workplace? Of course not. While you shouldn’t give your children an allowance, you should definitely give them pay based on the chores they do around the house.
For example, if your son or daughter rakes the leaves, pay them for it. If they clean the kitchen or vacuum the rugs, give them a reasonable about of money for doing so. This will teach your children that hard work will bring rewards whereas an allowance teaches them no such thing.