I was watching a few minutes of Wife Swap the other day (I only catch a few minutes here and there since I rarely watch any television at all) and one family was a homeschooling family and the children were given allowance each week but they had to divide it up into various categories, one of them being taxes. The parents said that dad has to pay taxes on the money he makes, so they followed the same example. Like I said, I only caught a few minutes of it, and the other family they showed near the end one of the children saying, “Ten dollars a week, cool!”
Maybe I wasn’t listening closely enough, but that made me think these families were giving their children allowance of $10 a week to each child! My how times have changed!
Yesterday 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 anything to earn it. She feels this was detrimental and wants to do different with her child.
For many years while my children were growing up we lived below poverty level, so allowance wasn’t an option; however, I did my best to help them have the things they wanted, if at all possible. When I started working, we just continued with that method, instead of giving allowance. I felt that worked out pretty good, but sometimes I wonder if I did a disservice to my children by not giving them an allowance.
When I was growing up, my allowance was ONE QUARTER a week. This was during the seventies and the eighties (not the twenties and thirties, lol). If that isn’t enough of a joke, my mom couldn’t even afford to give us our one quarter, so she kept track in a little notebook of how much money she owed us. And we did most of the chores around the house.
What are your thoughts about children and allowance? Do you give your children allowance? How much? If you don’t have children but will one day, have you thought that far into the future to know how you will handle allowances?