I don't remember ever having an allowance growing up. My parents were very involved and always made sure we had money when it was necessary, for things like school activities. I do remember doing chores in exchange for money for my aunt and grandfather, though. Getting "bribed" to help at a young age helped form my money philosophy, which is to save as much as possible for big-ticket purchases instead of relying on credit cards. Naturally, I feel like it's ok to bribe kids by paying them for doing extra chores around the house.
I understand that as parents we try our best to give our kids have the best possible childhood, and sometimes that means paving an easier path to give them the experiences and things we were not able to have growing up. That said, I feel like the basic allowance should not be tied to the essential chores around the household. That way they can learn the true meaning of being a contributing member of the family. In my opinion, paying them for doing basic chores – like making their beds or helping with the dishes – would be walking a fine line between teaching them about their responsibilities as a family member or making them feel entitled to get more money for doing what they should be doing regardless.
That's why I prefer the idea of offering a "bonus" for going above and beyond, such as mowing the lawn or washing the family cars. If we would otherwise be willing to pay strangers to do those jobs, why not use the opportunity to teach our kids a good financial lesson instead? They'll learn that hard work can have great financial rewards if they are willing to put in the effort.
Yoly Mason, a blogger living in Orlando, Florida, wants to live in a world where Latinas can enjoy an abundant life with a small budget, and where being in debt is as out of style as the rotary phone.
