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Dear Friends,
Making Allowances
Giving an allowance can be a great way
to teach your child the “facts of life” about money.
Statistics show that
"unemployed" (no allowance) kids have access to, and spend, the
same amount of money as the "salaried" kids. So take advantage of giving an
allowance to teach valuable life lessons.
Your home is the best place for
children to learn that a job done well results in being paid. Create a jobs chart and checklist on
your refrigerator. Agree on the
list of jobs that need to be done and how the job will be evaluated. Assign a monetary value to the
successful accomplishment of each task.
Pick a regular weekly
"payday" to evaluate the job performance and hand over the
dollars. If the child's allowance
must cover some expenses, be sure he knows what those expenses are. Many parents feel it’s reasonable to
expect older children to be responsible for some or all of their
clothing, snacks, recreational events, hobbies, movies, CDs, and so on.
When teaching
principles of money management, most kids are visual. They will do best when they can see
their money and where it goes. It
helps to have three jars or envelopes labeled: Spending, Savings and Tithe. Parents can help their children
understand tithing and other charitable giving.
Blessings,
Bruce R. McCracken, Ph.D.
Founder / President
House on the Rock Family Ministries
This
article adapted from the book by Judith Briles,
Raising Money-Wise Kids
and may be ordered through House on the Rock … your book purchases
help support our ministry! Thank
you
_____________________________________________________________________
If you
found this information helpful, we have made other Pebbles of Truth articles
available on our website (www.hotrfm.org). Each month we feature
articles on the topics of: men's issues, marriage, blended families,
parenting, and church ministry to families. You will also find a
great deal more information about House on the Rock Family Ministries!
Thanks for visiting.
Please
feel free to forward this to friends and family … we just ask that you
keep it intact … thanks
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