In our kitchen, we have a clear list of daily chores that each child is responsible for completing. There are distinct tasks for weekdays and weekends, with some overlap. Each day, my kids must brush their teeth, prepare their lunches, tidy up after themselves, and engage in creative activities. They are also required to finish their homework, and over the weekends, my daughter is in charge of cleaning the family car while my son is tasked with sweeping and mopping the kitchen and bathrooms.
While there’s more to the story, it’s largely a blend of essential life skills for young ones and contributions to our household. However, we don’t offer them monetary compensation for their chores. Instead, they earn screen time, which has proven to be a far more effective motivator than money ever was. This approach has transformed what they value most into a form of currency: screen time.
The motivation this creates for our children is astonishing. It costs me nothing, which is a bonus. Moreover, not paying them in cash allows me to easily “reward” them for helping others in the community. For instance, when we lived at our previous home, I would give my son screen time for assisting elderly neighbors by taking their trash out, shoveling their walkways, or weeding their gardens. I would also offer him screen time for helping friends move or for assisting his younger sisters with homework when I was close to losing my patience. This method teaches him the importance of being a good neighbor and family member without straining our budget.
However, many parents still opt to give their children a cash allowance. I’m unsure if we’re setting a trend by using screen time as currency, but my son is now 12, and my daughter is 9, and I suspect they will soon start seeking out spending money. My son likely sooner than later since his friends are inviting him out to movies, and I want him to be able to cover his own expenses.
So how much should I give him? And for what tasks? I don’t mind providing screen time for getting ready in the mornings since it doesn’t cost me anything and helps avoid a morning struggle. However, paying them actual money for these kinds of tasks seems excessive. After hearing an NPR interview about allowances, I’m starting to question if I’ve been thinking about this all wrong.
According to a survey by the American Institute of CPAs, parents typically provide their children with an allowance averaging $30 a week—amounting to $120 a month or $1,440 annually. This seems high to me; I earned that much working as a pizza chef in high school. What intrigues me about this survey is not just the amount given, but the financial lessons children can learn from receiving an allowance.
During the NPR segment, financial expert Michael Eisenberg emphasized that one of the critical aspects of providing children with money is teaching them how to manage it responsibly. I can’t speak for all kids, but when my son gets money, it’s as if his pockets are on fire! He fidgets and begs me to take him to the store to spend it before he can’t hold back any longer. Honestly, this behavior worries me about how he might handle a real salary as an adult.
Eisenberg suggests that parents should take their children to the bank to set up a savings account, allowing them to see their savings grow over time. While this may sound outdated, it worked for me. When I was a teenager living with my grandmother, she insisted I save 10% of my paycheck from my job at a pizzeria. At the time, I loathed it, but that savings helped fund my first two years of college.
Of course, not every family can afford to give an allowance. Eisenberg advises that in such cases, parents can sit down with their kids to discuss budgeting and saving for larger purchases, like a new backpack or sneakers.
Ultimately, the pressing question for me isn’t whether I’ll pay my children $30 a week—because that’s not feasible for us—but whether I should transition from screen time to cash. After considering the advantages of an allowance in teaching financial literacy, I’m leaning towards incorporating a traditional allowance alongside screen time.
There are various ways to encourage responsibility in children beyond just cash. Regardless of your approach, it’s essential to reflect on the lessons your children can gain, whether it’s about being a supportive community member, helpful at home, or financially savvy. Most importantly, parents should recognize that they have multiple options beyond simply handing out money, and these can provide valuable learning experiences.
For more insights, check out this related blog post. If you’re interested in home insemination, visit Make A Mom for expert advice. Additionally, you can explore this resource on intrauterine insemination for comprehensive information.
In summary, while I’ve traditionally used screen time as a reward system for chores, I’m considering a shift towards a more conventional allowance to teach my children about financial responsibility. Balancing both methods may offer the best of both worlds, teaching them essential life skills while still providing the flexibility I appreciate.