Allowance or Commission?
Kids, they can be loving and also annoying at times. My friend and I were talking about the best way to teach children about money. I feel that having children do household chores is a great way to reward them. She feels giving them a set amount every week is better. Who is correct?
I guess it all boils down to whatever is best for the family finances. I received a weekly allowance from my Dad of $5 a week. For doing absolutely nothing. It got to a point it was expected. Every Friday I would wait impatiently for my Dad to come home from work. Some days, I would ask for my money before he got a chance to relax and sit down. Of course, I became spoiled.
I want to at least attach some chores to my daughters’ allowance. Maybe receive $1 for every chore around the house. At least she will feel that you have to work in order to get money.
From there I hope to teach her how to spend it, unlike my Dad, he gave us money and we did not know what to do with it except to spend it. Three categories: Save, Spend, Give will be the topics of dividing her little income.
I rather her to learn this at 4, than learning it late in life like I did.
Do you give your children an allowance or commission?
pic: ralphlauren
February 17th, 2010 at 10:16 am
i'm trying ot figure out how much to give my teenagers?
They are expensive do you have any clue?
February 17th, 2010 at 10:33 am
Whatever your budget allows. if you cannot give right now, delay it until you have room in your budget.
Teenager if over 16 can get a part time job somewhere. However, under 16, $5 for each chore around the house. It should motivate them to clean, wash or take out the trash
February 17th, 2010 at 4:42 pm
I think one the best way is to teach the kids first how to be responsible by assigning them chores, just like you suggests. Kids will learn on how to be responsible when they are given responsibilities and kids do love if they are treated like grown ups. In this way, when the time comes that they will handle money themselves, the sense of responsibility that they've learned will still apply. Goodluck!
Aaron Reiley @ ACE Financial Services
February 18th, 2010 at 9:57 am
I am torn about this as well..my oldest is 8 and we don't have a chore (that's enforced) for him at all…we're trying to get one in place…maybe start small like clean floor in your room OR sweep the hallway….maybe $1 a week? we're not sure yet.
February 18th, 2010 at 2:22 pm
“Save, Spend, Give.” That's what we teach our children. I feel they should have to work for their allowance. Start at a set amount and if certain chores aren't done….deduct from it.
Hugs and Mocha,
Stesha
February 18th, 2010 at 4:05 pm
Allowance. Doing “chores” is part of being a family. I have used “commission” when son was saving for something but we discussed what could be done above the normal stuff. Always an interesting discussion when it (commission) happens.
March 1st, 2010 at 5:12 am
I have tried all ways. I believe children should do chores because they are part of a family not because they get paid, so chores are a given. I give my children aged 5, 9 and 11 $20 Australian per week each (an amount way above their friends), however, they are responsible for buying their own clothes, treats, toys etc. The money is transferred directly in to their accounts weekly.The change in my children is amazing. They are less label conscious, prefer to buy from op shops, and despite early blow outs are now good savers. I still have final say and won't allow certain purchases. There is a max of $5 per week on goodies, but by and large I put responsibility in their court (I obviously give some help to the five year old). I can't recommend this approach enough. Good luck
March 1st, 2010 at 6:28 am
[...] I was reading over at MoneyMonk a post entitled Allowance or Commission. The writer states that she received $5 each week from her father and was not required to do [...]
March 1st, 2010 at 10:12 am
I have tried all ways. I believe children should do chores because they are part of a family not because they get paid, so chores are a given. I give my children aged 5, 9 and 11 $20 Australian per week each (an amount way above their friends), however, they are responsible for buying their own clothes, treats, toys etc. The money is transferred directly in to their accounts weekly.The change in my children is amazing. They are less label conscious, prefer to buy from op shops, and despite early blow outs are now good savers. I still have final say and won't allow certain purchases. There is a max of $5 per week on goodies, but by and large I put responsibility in their court (I obviously give some help to the five year old). I can't recommend this approach enough. Good luck