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I remember as a kid reading in a book or magazine article that kids should receive an allowance, and it shouldn't be linked to chores, to help kids learn about managing money. I shared this with my father. He said, "Well find that man who wrote that article and see if HE will give you an allowance." LOL!
I have a question for parents here. I have a great son. He worked summers through his teenage years. He bought a vehicle and maintained it. Of course it was titled in my name as he was a teen at the time. At point would you say "Time to put the vehicle in your name?"
I have a question for parents here. I have a great son. He worked summers through his teenage years. He bought a vehicle and maintained it. Of course it was titled in my name as he was a teen at the time. At point would you say "Time to put the vehicle in your name?"
Unless he is saving money on insurance having it in your name and you're fine with that, when he's 18 or sooner if your state allows it. You said he's a great kid so that must mean there aren't any problems. Even if there were problems, it would be wrong to keep it from him after 18 because it's truly his (he paid for it). Another advantage for you is you no longer have legal liability once it's out of your name. The only parents I know who didn't sign over cars at 18 (that the children bought on their own as minors) were parents who were trying to control their adult children, and it destroyed their relationship with their children.
A young child should be given an allowance sufficient to cover daily or weekly self-maintenance. An older child should be given an opportunity to earn some reasonable amount of money in order to cover, both, self-maintenance and more.
Giving a child nothing is a mistake that can lead to undesirable character flaws. Giving a child too much - especially, 'easy' - money is equally wrong. I was required to work for my money when I was young. If my parents made a mistake, they required me to do too much heavy manual labor in order to meet my needs.
Why do I say this? Because, today, I can feel the consequences of those early exertions in my thoroughly well-used older joints and bones. I didn't require the same hard effort from my son while he was growing up that my parents once required of me. Instead I set reasonable goals for him; and, if his mother (my first wife) hadn't interfered, I think he might have benefited more from the direction I offered; but, hey, 'C'est la vie!'
A young child should be given an allowance sufficient to cover daily or weekly self-maintenance.
What type of monetary self-maintenance do you think young children need that isn't already provided materially by parents via food, clothing, shelter and medical care?
My allowance-receiving kids are 9 & 7 (also have a 3-year old). They both get $3 a week as base. My 7-year old is a little go-getter and is always asking if she can do something extra to earn money. Last week she cleaned out our coat closet for an extra $1, which took her about an hour. Another time she cleaned up the playroom for a $1 which was a disaster after a preschool playdate that she did not attend because she was at school.
The only regular chores I insist that they do on a daily basis are make their beds and fold and put away their laundry. All other small jobs, like loading/unloading dishwasher, helping out with younger sibling, setting table, sweeping, etc. they just do because I tell them to do it. Unmade beds really annoy the heck out of me. I told them if they do not manage to make their beds before school each day, I will do it for them, but I charge $1 per day. Since they only get $3 per week, the math on that motivates them, if their own sense of order does not.
It has been good for money management for both kids, and has helped the math skills on the 7-year old (9-year old was already good). It's been nice for them to have some of their own money so that they are not constantly harassing me for small things - I just tell them "If you want it, buy it yourself" and they make that decision on their own. 7-year old is more of a spender than the 9-year old, but that's ok because 7-year old also has a greater work ethic. She recently asked me how old she has to be in order to be a chimney sweep, because she thought she'd do a great job due to her small body and excellent scrubbing technique. LOL.
What type of monetary self-maintenance do you think young children need that isn't already provided materially by parents via food, clothing, shelter and medical care?
We are, all, creatures of impulse - Creatures of impulse who enjoy being allowed to occasionally express free will. Children are no different; and, unless you're a Spartan parent, neither should your children be.
I'm sure you, yourself, often spend money on non-necessities (trifles); children who are usually well-behaved should be allowed - in fact need to be allowed - to do the same thing. It is the amount and frequency of a child's allowance that remains open to interpretation, not the material necessity for an allowance to exist.
Personally, I don't think it clever to, 'play the pharisee'. It's not fair for someone to bind upon others burdens which he, himself, would never be willing to carry. In my considered opinion a well-behaved child deserves a certain amount of free choice and latitude. Without any sort of personal money that's a very difficult thing for any capitalist (no matter how young) to do.
I have a question for parents here. I have a great son. He worked summers through his teenage years. He bought a vehicle and maintained it. Of course it was titled in my name as he was a teen at the time. At point would you say "Time to put the vehicle in your name?"
We still have our sons' cars in our name. It saves quite a bit on insurance. We also carry an umbrella policy, just in case. We may have done things differently if we had concerns, but knock wood, no accidents or points accrued on their part.
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