For Sanity's Sake, An Allowance is a Good Thing
I was in Michael’s yesterday buying key charms for my money management lesson on the keys to compounding. With my 40% off coupon, of course. I was behind a mom who I felt increasingly sympathetic for. But not really because she allowed herself to be in the position she was in.
The mom was there with her two daughters. They looked to be about 8- and 9-years old. The older one asked her mom if she could buy one of the little toys that was on the display case we were standing next to. “No,” was the immediate answer. And then the inevitable, “But why?” And the standard response, “You don’t need it.”
Then the younger one chimed in, “Can I have something?” I’m not sure why she thought she could get something if her sister was denied. But again the mom went through the no-you-don’t-need-it routine.
So, taking a different approach, the younger one then asked if they could go to the Dollar Store and buy something. That didn’t work, either.
It was all I could do not to grab the mom, swing her around, and tell her to give her daughters an allowance. Not because I want her to give her kids money for the sake of having it but because I want her daughters to learn how to handle money. The only way you learn that is to have money to handle.
The daughters need to learn on their own that they don’t really need that toy. And they’ll learn a lot faster if you make them pay for the things they think they need.
But there’s another benefit to giving your kids an allowance. It provides parents with sanity. The mom was obviously in an uncomfortable situation having to argue with her kids about not buying the toy. If kids have money the only thing you need to say is, “Do you have the money for it?” That toy is an “extra”. An allowance shifts all those extras right into your kids’ little hands.
And here’s one of the best parts. An allowance is not putting out extra money. It’s transferring money that you spend on your kids anyway and allowing them to make decisions about it. As I mentioned, they become much more reluctant to spend their money. That’s good. It’s teaching kids how to make choices.
But the lesson those girls learned that day was if you badger mom long enough, she’ll give in. Those girls left the store with the toy they wanted.
One thought on “For Sanity's Sake, An Allowance is a Good Thing”
So true! Kids need an allowance! They will have one when they are older and working for an employer and how helpful it will have been to have some experience in managing it before they are almost adults. I am a young mother and I use kids-save.com which is a free website that my son and I logon too and based on the chores i set up and he completes he earns money. with his money he can build a city and learn to maintain it and his spending/saving with the tools this website provides. Its very user friendly and easy to understand. My first grader loves it and every morning reviews his chores and goals and starts off his day with planning, understanding and purpose on how to use and manage his money. I’m amazed and so proud! I wish I had this system when I was his age. I recommend to any parent of a young child! kids-save.com