have been asked again and again about
The questions are numerous but the main ones are:
I give my child an allowance?"
"How much should I give my
child as an allowance?"
"When should I start giving my child
"Will an allowance ruin my child's
I understand your questions.
are a very touchy subject and really come down to each individual's
personal strategies for financial education for their child.
children about money can be very difficult and confusing for the parent
Most of us were raised with the value that
"money is evil", or "you don't need to have money to be happy." But
have you had a good look around you lately? Can you find me a family
who are in a lot of bad debt that are not stressing about their
Maybe money doesn't make you happy but not having
money will make you a lot more unhappy, I can tell you that for sure.
imagine, you have a recurring income of more than $10,000/month. How
would that feel?
Would you feel stressfree because you are now
able to pay off all of your expenses and thereby not create any bad
How will you feel when you have money left over at the
end of every month instead of living paycheck to paycheck?
if you were financially able to give away 10% of your income, every
month, without even noticing the fiancial impact? What would you give
it to? Who would you like to help? How would it feel to be able to help
others in need with the extra money that you are earning without even
feeling the financial impact? It would be pretty awesome right?
So how does this
tie into the
topic of allowances?
Here are some of
my own suggestions on the topic to get your financial juices flowing.
Maybe when we give our child an allowance it might start to create the
feeling of entitlement in our child?
What if by
giving our child an allowance we were actually hindering their
financially creative minds? Would they be so used to just getting money
that they wouldn't even bother to come up with creative new ways to
earn their own money?
And what about pride of
ownership that comes when we are finally able to acquire our dreams by
our own means instead of just as a gift from someone else?
are just a few of my thoughts on this matter. I'd love to
hear some of your ideas, suggestions or questions on the
subject of whether
or not we should be giving our children an allowance or not.
Like to read more on the subject?
Get my "Allowance Secrets, to give or not to give" eBook for Free Here.
Cheers.....Amanda van der Gulik.....Excited
as serious about Teaching Your Child About Money and money
habits as we are, make sure you sign up for our course.