In our kitchen, there’s a laminated chart outlining the daily chores expected of our kids. We have separate lists for weekdays and weekends, with some tasks overlapping. Each day, they are required to brush their teeth, pack their lunches, tidy up their spaces, and engage in some form of creativity or physical activity. Homework is a must, and on weekends, they tackle specific chores—my daughter handles cleaning the family car, while my son sweeps and mops the kitchen and bathrooms.
Of course, there’s more to it than just chores; it’s a blend of essential life skills and contributing to family responsibilities. However, we don’t compensate them with cash. Instead, our currency is screen time. While this might sound like a trendy concept, we initially attempted to motivate our kids with money, but that approach fell flat. Swapping cash for screen time has proven to be incredibly effective, and it doesn’t cost me a dime.
One of the perks of using screen time as a reward is that it allows me to encourage my kids to assist others in the community without having to spend extra money. For instance, I would offer my son screen time for tasks like taking out the trash for elderly neighbors or helping friends move. This not only teaches him about being a good neighbor but also fosters a sense of community without straining our finances.
Despite our unconventional approach, many parents still opt to give allowances in cash. I can’t help but wonder if we’re ahead of the curve with our screen time system. My son, now 12, and my daughter, 9, will soon be looking for their own spending money, especially as my son’s friends start inviting him to outings like movies. This raises the question: how much should I pay him, and for what tasks?
While I’m comfortable “paying” them in screen time for daily routines like brushing teeth and getting ready, the thought of paying actual money for those tasks seems absurd. However, after tuning into an NPR interview about allowances, I find myself questioning if I need to adjust my views.
According to a survey by the American Institute of CPAs, parents typically provide around $30 a week in allowance, which totals $120 a month and $1,440 a year. This figure startled me; it’s what I earned flipping pizzas in high school! What struck me most wasn’t the amount but the financial lessons children can learn through an allowance.
During the NPR discussion, Michael Davis from the AICPA emphasized that teaching kids to spend wisely is a crucial aspect of giving them money. My son’s eagerness to spend any cash he receives is alarming; he gets so excited he practically dances in the store as he rushes to buy something. This behavior makes me concerned for how he might manage his finances as an adult.
Davis suggests that parents take their kids to the bank to open a savings account, allowing them to see their savings grow. While it may seem like a dated practice, I can attest to its effectiveness. When I was a teen living with my grandmother, she required me to save 10% of my paycheck, a habit I loathed at the time but ultimately appreciated as it helped fund my first two years of college.
Of course, not every family can afford to give an allowance. In those situations, Davis recommends discussing the family budget with children. Parents can guide discussions about saving for specific items, like a new backpack or sneakers, teaching kids the importance of financial planning.
So, the pressing question is not whether I can afford to pay my children $30 a week—there’s no way that’s happening. But will I transition from screen time to actual money? After considering the benefits of an allowance for financial literacy, I think I will implement a combination of both strategies, leveraging screen time while also offering a modest cash allowance.
Ultimately, there are various methods to motivate children, and financial incentives aren’t the only option. It’s essential to think critically about what lessons our kids can learn—from being responsible household members to understanding financial management. As parents, we should recognize the myriad opportunities beyond just handing out cash; these moments can be invaluable teaching experiences.
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Summary
Rethinking allowances can lead to teaching kids valuable financial skills. While screen time has been an effective motivator for my children, exploring a combination of cash allowance and screen time might provide them with a more rounded understanding of money management. Engaging with financial literacy at an early age is crucial for their future.
Keyphrase
Rethinking Allowances in Parenting
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