Although there is merit to the thirds idea, I personally don't think it's fair to the child to pay "taxes" back to the household, nor do I think it's fair for the adolescent child to pay rent. These costs are the responsibility of the parent to the child, in my opinion. Once the child is out on his/her own, rent and taxes become their own responsibility.
I do not consider allowances "wages." The kids should learn that wages are earned as a result of doing a job. Let the kid mow someone's lawn when he's old enough, or babysit, or walk dogs, whatever.
An allowance should be to teach the child how to respect and manage money, and, because money makes our world go around, the joy of having your own money to spend on the things you want. I suppose that, because I come from an investment banking background, I look at things much differently than other parents. My kids learned about investing; more kids should. A lot of adults I know never did!
Just curious: do you give yourself an allowance?
And, about "household citizenry," while "expected," children will also learn there is a reward for good behavior and attitudes. Isn't that what happens in real life?
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Although there is merit to the thirds idea, I personally don't think it's fair to the child to pay "taxes" back to the household, nor do I think it's fair for the adolescent child to pay rent. These costs are the responsibility of the parent to the child, in my opinion. Once the child is out on his/her own, rent and taxes become their own responsibility.
I do not consider allowances "wages." The kids should learn that wages are earned as a result of doing a job. Let the kid mow someone's lawn when he's old enough, or babysit, or walk dogs, whatever.
An allowance should be to teach the child how to respect and manage money, and, because money makes our world go around, the joy of having your own money to spend on the things you want. I suppose that, because I come from an investment banking background, I look at things much differently than other parents. My kids learned about investing; more kids should. A lot of adults I know never did!
Just curious: do you give yourself an allowance?
And, about "household citizenry," while "expected," children will also learn there is a reward for good behavior and attitudes. Isn't that what happens in real life?
October 23, 2008 - 4:16pmThis Comment
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