Allowance for Kids - Road to Independance? That is my question. I often wondered if giving my kids allowance is either good bad. Here is my dilemma.
Very Often, I have found some teenage kids who have found too much freedom when they have money. So, when allowance is given, the idea is to teach the them how to manage money; to earn for something to really want and to treasure it because they worked for it and somehow understand the hardship of earning money. right? Let’s deal with each of them.
1. Learning to manage money.
How do you teach them to manage money by giving allowance to your kids? One would think that when you allocate some money to them, it gives them the power and freedom to use the money when they eventually earn it. The problem is, unless you still keep the money, you can’t really keep them under your watchful eye 24/7. Therefore, at some point, they would have the freedom to purchase something from the local store without your knowledge. Personally, I prefer the point system. That way, they can still trade in points for something they want, yet not really have the freedom to go outside and buy something they’re not ready for. I say this with the exception of kids who are matured and can be trusted.
Again, giving monetary allowance to small kids without knowing how they would turn out eventually would be a big risk.
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