Is There a Right and Wrong Way To Give Your Child an Allowance?

In 2017 KRC Research, a public opinion research consultancy, reported that 67% of U.S. parents give their children an allowance, and 49% give their children money for earning good grades in school.

Despite the survey results, there’s little consistency in the way allowance is issued among families nationwide.

Some families distribute allowance based on completion of chores or household tasks. Others issue a set rate so that young children can gain experience managing money. Some families use allowance to curb bad behavior at school or at home, issuing allowance for the demonstration of positive qualities and traits.

Ron Lieber, personal finance writer for The New York Times, posits that these are the three primary approaches families take:

(1) No chores necessary. Children are simply given money weekly or monthly,
(2) No allowance at all, or
(3) No free money. Allowance is linked to chores or other work.

Is there a right and a wrong way to give your children allowance?

Let’s start with the pros and cons, then move into the “when,”“how,” and “best practices” questions we consider when deciding whether or not to give allowance.

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What I Wish I Knew Before I Went To College

A few weeks ago, I polled a few family and friends about their college experience. Let’s call them Erika and Yvonne.

What should new students know about saving money in college?

Erika: Numbers are black & white, but living is not. Part of the college experience is the social aspect, including parties, joining certain organizations, taking extra classes, traveling, studying abroad, etc.  These are the hidden costs of college that most people aren’t prepared for.

Yvonne: I think I’d just recommend balance and moderation. Stay in the moment, but do your best to set your future self up for success too.

Would you do it again? 

Erika: Yes, I would do it again. I enjoyed school and learning, but I would definitely change some things like securing an internship and studying abroad.

Yvonne: I’d definitely recommend living on campus the first two years if you’re able. Even though I hated college, living on campus was hands down the best experience I’ve had. 

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Top 8 Reasons Why You’re Broke and Fat Like Me 

I was the fat kid in my house growing up, and later on into elementary and middle school. The picture that other people had of me didn’t match the picture I had of myself.

I think we do the world a disservice when we teach women and girls

  • that they will always be valued, first and foremost, by their bodies,
  • that it’s appropriate and socially acceptable to evaluate others’ bodies at all,
  • that being fat is worthy of chastisement and ridicule,
  • that weight and size actually reveal insights into a person’s true character.

For these reasons (and a host of others), I hate the word fat.

It’s triggering.

I’m appreciative and in awe of the growing body positivity movement. But for the sake of this post, I’m using the word intentionally to think through the ways that gaining unwanted weight and gaining unwanted debt are  the same. 

Read moreTop 8 Reasons Why You’re Broke and Fat Like Me