Updated: March 19, 2021
Originally Published: June 16, 2014
Read about The $100 Allowance, Part I here!
A mother can hardly believe her ears when her child asks, “Can I get some underwear for my birthday?” I couldn’t help but chuckle when my daughter, Lily, insisted she was completely sincere!
Just a year prior, upon entering eighth grade, Lily had boldly proposed a $100 allowance for the entire school year. She assured us that this hefty sum would cover all her needs without requiring a single additional dollar. With glee, she crafted a contract, and after much deliberation, we all signed on the dotted line.
She felt like a millionaire for precisely eight weeks, but the next eight months were a different story. Surprisingly, those months of financial struggle were filled with valuable lessons.
Here’s what she discovered:
- The Hustle: Lily quickly became a go-getter. She jumped at the chance to babysit and was always on the lookout for new opportunities to earn money.
- Creativity: Instead of spending on entertainment, she chose free activities with friends. During the holidays, she crafted handmade gifts or found treasures at thrift stores. We cherished these thoughtful presents even more than expensive ones.
- Frugality: My daughter decided against purchasing a yearbook because it was too pricey. She also opted out of fast food during sports trips, preferring homemade meals. When it came to the eighth-grade trip to New York City, she hesitated because it would deplete her cash supply. Ultimately, she babysat with me for the weekend. While we both earned the trip, only she got to bond with her classmates on the bus. In retrospect, she brought very little spending money, which, while a source of concern for me, resulted in no junk food purchases or cheap souvenirs. Perhaps that was a win-win! Above all, she created unforgettable memories.
- Independence: Taking charge of her finances made Lily more self-assured. She worked hard to fund her trip to New York, and at times, she would insist I leave so she could take full control of the babysitting job. I loved seeing her confidence bloom.
- Gratitude: The moment I bought her something—a simple can of her favorite soup—her excitement was palpable. For Christmas, she asked for running shoes and stylish boots. Before the allowance, I would have likely purchased these for her anyway, but now her appreciation was genuine.
- Shopping Peace: Our typical clothing arguments vanished. While shopping, she no longer begged for that trendy dress or pleaded for earrings to match her jeans. Sometimes she playfully suggested I would look great in an outfit she’d like to inherit, but the days of whining and disappointment were over. Shopping turned into a fun activity where we could discuss purchases together. Occasionally, she still throws in a cheeky “Please, Mommy, just this once—I’ll pay you back!” My husband often reminds me with two simple words: “Stay strong.”
- Budget Mastery: While “master” might be pushing it, she does keep a ledger! Lily tracks her income and expenses, allocating 10% for charity, 20% for college savings, and keeping 70% for herself. Websites like www.themint.org are great resources for kids and parents to manage money.
When Lily started high school, the allowance increased. Despite the larger sum, we still assist her with necessary expenses like an iPad and sports fees. She occasionally needs help with team sweatshirts, but there’s been a noticeable shift in her attitude. Now, when she needs something, she asks rather than demands.
Recently, she splurged on a lovely dress and matching shoes for a semi-formal event, using up her hard-earned cash, but it was a decision she felt proud of. This weekend, she’s back to babysitting after a busy week of school and sports, and she’s even lined up a summer job to earn some extra cash. Sometimes I worry she’s taken on too much responsibility and should be enjoying her teen years more. Is this just the peculiar worry of a contemporary mom?
Our family dynamics aren’t always seamless. We continuously adapt our routines and strategies. However, the $100 allowance worked wonders because Lily initiated the idea and fully embraced it.
P.S. Yes, she did get that underwear for her birthday, and she was thrilled!
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In summary, my daughter’s experience with her $100 allowance taught her invaluable lessons about responsibility, creativity, and gratitude. It transformed her perspective on money and strengthened our relationship.