Should I Give My Kid An Allowance (👍PROS & 👎CONS)
"I Believe Every Child Deserves The Best Financial Education"
This is part 2 in my free 10-day Financial Literacy For Kids 101 series.
Let's dive into the pros and cons of giving an allowance for kids and how to avoid raising an entitled child.
It's time to find out whether or not your should give your child an allowance plus a secret allowance for kids alternative that will shock you!
Giving an allowance for kids is a very personal decision and one that has a lot to do with how you were raised yourself around money and it also has a lot to do with how your family budget is at the moment.
Some families just can't afford to give their kids an allowance. And that's not necessarily a bad thing.
Other families can easily afford to give an allowance for kids but choose not to because they want to build a good work ethic in their child.
Who is right?
It may not be a cut and dried issue to solve however it really doesn't need to be nearly as difficult a choice as you might think.
Did you know that there are different kinds of allowances and even an allowance alternative that you could use for your child to help them learn about money and becoming a master of their money?
Let me share a quick story with you to give you a better idea of what I'm talking about...
When I was pregnant with my first daughter, I was being given all kinds of well meaning advice from all the different people in my life: my mother, my mother-in-law, my friends, family, other parents, grandparents even random strangers wanted to share their version of what was the right way to have a baby with me.
Every decision was so confusing.
Should I have a home birth or be in the hospital? Should I immunize or not? Should I breastfeed or bottle feed? Should I sleep with my baby or keep them in their own bed? And as they grew should I send them to school or homeschool, and on and on.
So many suggestions, so many ways, so much confusion as to which way was best.
My midwife noticed how overwhelmed I was feeling about making the right decision and so she took me aside and said, "Amanda all these people love you and they mean well. Just say 'thank-you what a wonderful suggestion' and then go with what works for you."
Go With What Works For You
WOW! That seemed so simple and it made so much sense. It took the pressure off too.
She continued with, "That way you can just try different ways until you find the right one for you and your baby and you won't upset anyone."
I was forever grateful and this advice has stuck with me for over 20 years and I still use it to this day ... even when it comes to allowances for kids and teens.
I want to help you find what is going to work best for you and your family.
When asked whether or not you should give an allowance to your child.
I used to always immediately answer, "No! Don't give your child an allowance."
I told them that because that's how I had been raised and I saw the merit in encouraging my child to come up with fun ways to make their own money. However as I got more and more well known in the financial literacy for kids area I realized by having such a strong one-sided opinion was only helping my ego and not my members.
I was now the well meaning, kind loving person in their life who was forcing my own thoughts on how they should raise their child and I wasn't considering their personal situation or their desired results.
I thought back to my wise midwife and decided that I should go about empowering families to choose what would work best for them.
I reached out to over 25 of the top parenting and entrepreneur experts in my field of kids financial literacy and asked them each to share with me their personal thoughts and suggestions on the subject so I could better serve you.
One even gave me quite an amazing and intriguing allowance alternative!
I was overjoyed with gratitude. Everyone was so generous in their suggestions and their reasons behind them.
So I decided to share some of those suggestions in the video below to walk you through figuring out if you should give your child an allowance or not (as well as the alternative allowance method) so you can find one that will work best for your family.
Make sure you take notes and after you watch the video let me know in the comments below whether you decide to give your child an allowance or not and why that will work best for you and your child.
Should I Give My Kid An Allowance
(👍PROS & 👎CONS)
*** NEXT LESSON: How To Make Money As A Kid
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What was your biggest ah-ha moment from today's video lesson? Let me know in the comments below...