| Over the years many parents have repeatedly | | | | the bathroom, taking out the trash, cleaning the dinning |
| lamented that their children just do not know the value | | | | room, making good grades etc. (grades are the payoff, |
| of a dollar. Comments like... "They think money grows | | | | or pay check, for your child's work. They should not |
| on trees!", "They really believe I am a mommy mat", | | | | get paid again for A's or B's...sure would be nice if that |
| "They want to have expensive stuff so their pals will | | | | happened to us at work - get paid for getting paid!) |
| think we are rich." Somehow most parents continue to | | | | 6. If your child needs money at the last minute to go |
| give their kids money after trying to repeat speech | | | | someplace with their friends but they are broke, do not |
| number 79 about how we are not made of money | | | | give it to them. Instead discuss with them how they |
| and after many crocodile tears. | | | | can come up with the extra cash, and if the mood is |
| There is a way to teach the value of a dollar but it | | | | ok, do some brainstorming. It is not up to you to get |
| takes courage and trust that what you are teaching is | | | | them out of a tight spot because they did not save |
| what is being learned. Simply give them the money! | | | | any of their allowance. |
| Well, it is not that simple but it is close. I will start by | | | | 7. Discuss with your child how to save and the |
| stating that to learn how to respect money we have | | | | benefits of planning ahead. Let them find out through |
| to have it. If your pocket is always empty either | | | | experience what happens when you don't set |
| because you keep spending it or you never get it we | | | | something aside. |
| are not learning the value of a dollar. | | | | 8. Initially your child will think 30+ dollars per week is just |
| Most parents eventually give their kids an allowance. | | | | super. Their friends only get 5 dollars! But hey will |
| Then they begin to negotiate with their kids over their | | | | quickly learn the value of a dollar if you take the steps |
| homework, extra privileges, cleaning their room etc. by | | | | above. |
| holding their allowance hostage. What I am going to | | | | If you institute this plan you will learn, like many parents |
| suggest is that your kid should be getting their | | | | have, that you will actually spend less on your kids |
| allowance regularly regardless of grades, their room, or | | | | even though you are giving them a pretty big |
| their poor behavior. | | | | allowance. |
| Allowance just becomes another battlefield that | | | | Note: This will only work if you are consistent in your |
| unnecessarily occupies your time, energy, and | | | | application of the rules. Anything less, your child wild |
| emotions. To make it easier here is how you introduce | | | | begin to find ways to negotiate with you. I am |
| the idea of an allowance and some rules that you | | | | reminded of good friends that had a 15 and 16 year old |
| need to be very clear about and even put into writing | | | | daughter. They regularly paid them to do chores, for |
| with your and your child's signature: | | | | their grades, and any time the girls needed money. |
| Begin by estimating how much you spend on your | | | | One day the family was selling the home and need the |
| child per week. Include everything; clothes, food, | | | | living room vacuumed. The parents asked the girls to |
| hobbies, outings with friends, school lunch, games etc. | | | | do this task. Their response was "What is it worth to |
| Whatever amount you arrive at consider about | | | | you?". I was stunned because not only did they come |
| 50-70% as the amount your child will receive as an | | | | out with this question but the parents negotiated |
| allowance. Now before you have a heart attack keep | | | | payment! Often what we think we are teaching our |
| reading... | | | | children is not what they are learning. By paying for |
| Let's say for our discussion that you arrive at 30 | | | | their "services" over the years, the girls have learned |
| dollars per week as the amount of the allowance. | | | | that in order for me to do something for you there |
| Most parents will say you are crazy for even | | | | must be something in it for me. |
| considering such an extravagant amount. When you | | | | Tips: |
| offer this allowance to your child give them the | | | | Buy clothes and other stuff for you kids when it is |
| following rules: | | | | appropriate such as Christmas, birthdays, or graduation. |
| 1. They cannot ask for any additional money for | | | | Any other time they want clothes, especially those |
| anything. | | | | brand name items, they will have to use their savings |
| 2. If they spend all of their money within the first couple | | | | from the allowance. |
| of days there will be no more until the next allowance | | | | When your older child or teen wants to buy back |
| day. | | | | to school clothes and it is always a fight give them |
| 3. They are responsible for lunch at school, going out | | | | what you are willing to spend on those clothes. They |
| with their friends, buying clothes, entertainment, comic | | | | can shop on their own and if they buy one really |
| books, toys, concert tickets etc. | | | | expensive shirt and pants, that is all they will have to |
| 4. They can earn extra money by doing work that is | | | | wear to school. Again they will learn from their own |
| normally your responsibility such as washing the car, | | | | experience how to shop better. |
| mowing the lawn, pulling weeds, cleaning your room. | | | | Experience is not the best teacher, it is the only |
| 5. They will not get paid for doing their chores which | | | | teacher. |
| includes washing dishes, cleaning the kitchen, cleaning | | | | |