Dave Ramsey says: Don’t give your child an allowance just for breathing
There’s never a time for an allowance, no matter the child’s age. In my mind, that kind of thinking is the best way to plant the seeds of entitlement.
(Public Domain Photo)
(Public Domain Photo)
Dear Dave,
Our son just turned 8 years old. Is it time to start giving him an allowance?
— Dan
Dear Dan,
There’s never a time for an allowance, no matter the child’s age. In my mind, that kind of thinking is the best way to plant the seeds of entitlement. You want your son growing up with the idea that he’s owed money simply because he’s alive?
Instead, work out a plan to pay him commissions. Assign him weekly chores that are age-appropriate. Then, when the work gets done, he gets paid.
And guess what? If the work doesn’t get done, he doesn’t get paid! Not only do we want to teach a healthy work ethic, but we also want him to learn that work creates money.
Of course, there are some things a child should be expected to do without financial reward. Everyone needs to pitch in and do certain things to help out when they’re part of a family. But once you’ve taught him about work, make sure to also teach him about the three uses for money — saving, spending and giving.
Lessons on the basic handling of money are some of the best teachable moments you can have with your child. Not only does it make them more knowledgeable about finances, it helps them learn about life!
— Dave Ramsey
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Comments
3 Comments
I am glad you daughter is of this mindset,.. but that comes more from good parenting and love which is clear to see here. We all have our little methods,.. you have to be inventive and find what works for that individual child. My daughter is similar, son is different and needs different approach.
I talked to them about what kind of money you can make with different education levels, showed charts from the internet of average wage of high school drop out, high school grad, etc,.. explained interest in savings and loans (payday is a great game for that),... my kids don't get an allowance from me,.. I make them work they get rewards and spoiled a lot, but they understand they must contribute. I explained to them early on when there were first issues on chores, that it is unfair for them to not contribute when I work hard provide things (listed things so they understood),.. and for them to sit and take is not right,.. made them think if roles were reversed how they would feel,..
Also,.. when I make them do 4+ hours of chores at times on weekend,.. I am right alongside doing the same,.. that way they see parent and siblings working,. and not feeling like they have to while others aren't (big discentive for kids in this perception),.. and it makes things more fun for all since we do it together and time flies this way (showing work doesn't have to be bad)
Best wishes to your daughter, may she have a successful and happy future!!!
my son has bad asthma,.. breathing is hard work!!!
My wife and I have participated in Financial Peace in 2008 and have been followers ever since. When she was 8 or so we started with the commission idea and it worked very well with her...we even made up family dollars we would pay her and trade them for real $$ when we had the cash. But when she got to high school and considered getting a job, we convinced her that her job was to make good grades in school and we would provide her all the money she needs. She still does some chores, but she works hard in school and it is a pleasure to make sure she has the money she needs when she asks. She is a junior now and wants to be a nurse, so good grades and good learning habits are important.