3 Reasons We Give Our Sons an Allowance

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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.

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. We do have family cleanup times that are not included on the list of “allowance chores”, and therefore they are not necessarily compensated for every task.  We have also decided to instill a work ethic in our children while they are young and eager to learn.

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. You see, 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.

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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