3 Reasons We Give Our Sons an Allowance

Sarah@Snazzylads Life, Save It 7 Comments

finance friday allowance

Recently, my husband and I decided to start giving our boys a weekly allowance. They receive $5.00 a week, with the condition that they do their normal chores without us nagging and them complaining. For the most part, this has worked out well. Some extra “reminding” is still necessary on occasion, but it is a learning process for all of us. Our eldest has even managed to earn a little more by doing extra yard work without us asking. Here are three reasons we give our sons an allowance.

Money Does Not Grow on Trees.

I have heard the argument that an allowance should not be tied to chores since chores should be a family affair. On the flip side is the argument that we all work for money, and there are no handouts in life. And I agree – with both camps.

As a family, we have cleanup times that are not included on the list of “allowance chores”. My Snazzy Lads are responsible for keeping their toys picked up, getting ready for school in the morning, and taking care of their dogs. I am slowly working in dishes and simple tasks like vacuuming as part of their normal routine.

We also want to instill a work ethic in our children while they are young and eager to learn. We are not giving them a handout – we are letting them receive the fruits of their labors. And if either of the boys does extra work without being asked, they are rewarded accordingly (think of it as a bonus).

We are saving money.

You may be thinking that $5.00 is a lot of money for a 6 and 8 year old. But we are actually saving money this way. Before the allowance went into effect, we were spending that much on treats or cheap toys multiple times a week, depending on how often we had to go into a store. Yes, I admit I have resorted to bribing my kids with a treat to get them out of a store without too much hassle. Now with their allowance, if they want candy, they can buy it themselves. Or a hot wheels car. Or…you get the point.

It is a Beginner’s Course on Budgeting Their Income.

We are also hoping they gain a little money acumen. While I may suggest they save their money for a bigger purchase, if they want to spend it all on candy and gum, that is their choice. They are learning the pros – and cons – of immediate satisfaction versus an anticipated reward.

While I may try to steer their purchasing choices by pointing out pros and cons, I leave the ultimate decision up to them. Watching them cling to their money a little harder before letting it go reassures me they are actually learning some necessary life lessons.

This scenario works for us, but I imagine it would be harder to follow through with if we had more children. How about you? Do you have an allowance or reward system in place? I look forward to reading about it in the comments below.

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Comments 7

  1. You are so right about the importance of learning to handle money! And, learning to “work” is an important financial principle as well. Although our girls are older now, when they were elementary aged, we used a hybrid system. Certain chores served our family and were not paid. But, we developed “earning opportunities.” These are paid chores that are more difficult. This system enables our daughters to earn money and practice healthy financial principles.
    #wanderingwednesday

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      Author

      I’ve read some pretty good books on helping kids learn about money, but decided to start out simple with my boys. As a parent, keeping up with envelopes or other systems was too much for me to juggle, not to mention staying on top on top of who was doing what chores. Thanks for stopping by!

  2. Yes! Kids need to learn the value of money! What great tips. When we started paying our kids for certain jobs and stopped funding all the little toy obsession they stopped asking for those types of things and they stopped buying also because they started to realize they were wasting money on junk! Great thoughts! #WanderingWednesday

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      Author

      Thank you! My youngest cracks me up when we shop at the dollar stores. He’s pretty quick to inform me which toys are too cheap to buy, now that he realizes how fast they break. 😊

  3. This is great! We recently gave our boys the responsibility of buying their own socks. It was fantastic–instead of my 5 year old dying to go to the dollar store to buy another cheap toy, he was excited to go to target and pick out some much needed new socks. I was thrilled that he had the fun of shopping, the experience of comparing prices and the confidence boost of buying something he actually needed!

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