3"M"s for giving kids an allowance

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An allowance can help children learn about responsibility. It also helps children learn about the value of money. The 3 M’s of allowance will help you guide kids of all ages in the right direction.

 

1.  Make yourself clear. Tell them that chores should contribute to the family, not just themselves. For instance, they should do more than keep their room clean and pick up their own things. They may also do things like help with yard work, clean the bathroom sink or empty the dishwasher. Make sure they do these things well before you pay them. If they don’t know how to do it, show them.

 

2.  Modest amounts. Kids should use allowance for fun things, not clothes or necessities. There’s no need to give them big amounts of money. Remember this is not a salary, but a way to teach kids about work. Older children should have more difficult jobs and therefore, their allowance should be larger.

 

3.  Monitor their spending. Once they earn their money, talk with kids about spending and saving. While they should have some freedom to spend their money on something they want, help them make wise choices. They may regret their purchase later if they don’t give it a lot of thought.

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