This morning my daughter said, "Mom I need my $20." She's seven. So I'm thinking how did we go from $2 to $20? Was I on vacation while this happened?
Deciding on whether to give an allowance, and how much to give can be tricky.
1. First, decide what items your child will have to use allowance for. Will he have to pay for his activities, like attending a movie with friends, buying non-necessary household items, clothing and gifts? Or is it just spending money? (Really, how many more Webkins do we need?)
2. Once you’ve determined the spending guidelines, it will help you determine a proper amount. Be careful of giving a large allowance without requiring any effort on your child’s part. Learning the value of hard earned money is a worthwhile lesson.
3. In addition, I’m a firm believer that kids shouldn’t be paid to do things like clean their rooms, because it’s important to for them to learn that they can, and should, take care of their things and contribute to our household.
4. Be clear on how much allowance they’ll receive, spending restrictions, and any requirements that are tied to receiving it.
5. Remember intrinsic motivation is more powerful than extrinsic motivation so think of remuneration in terms of time spent together, shared activities and love not just in terms of dollars.
Gotta go find my wallet.
