Should Your Children Get a Supplement? PERSONAL FINANCE

Many parents ask themselves this question – should I grant my children a grant? If you have trouble finding an easy answer to this question, you are not alone. And if you search for this topic online, you will find all sorts of advice and ideas.

An allowance is the first time that your child is performing money and all of its duties. You learn how to save, give and spend.

On the other hand, a grant can make children feel like they are getting money from mom and dad’s bank. Sometimes an allowance leads to greed.

Then how do you know if you should grant your child a grant or not? It is not a simple answer question.

Why is an allowance important?

As a parent, you are your child’s first teacher. Your son or daughter learns how to speak, take care of themselves, cook, clean – and is a good person overall. These lessons come from she,

The same applies to money. Your child needs to learn to budget and manage money. Of course, a 5-year-old doesn’t need a budget, but your 14-year-old has to learn how to use one.

However, children of all ages need to learn how to save and make the difference between needs and desires. You don’t want your child to spend $ 5 on toys that they don’t need.

Instead, you want them to save some. They also want them to learn that just because we have money, we don’t spend it on what we want. It’s about learning delayed satisfaction and spending it only when it makes sense.

For example, you can teach your child how to save 20% of everything they deserve. When they get their first job as an adult, saving is normal for them. This way they learn to use money and it is only part of the responsibility for their finances.

An allowance should be used as an aid to give your children important hours of money.

Should you tie an allowance to housework?

This, my friend, is a question that parents often don’t agree on. Some believe that a child should not get money for what is expected and others believe that your child cannot get a traditional job, so they have to get money in some way.

No matter what you think, the most important thing is that you think about it Your child has to do something to get money from you, However, the way children receive an allowance depends on their age.

Younger children can do simple tasks such as: B. Pick up toys. You expect that. However, no allowance has to be granted.

However, if they help you pick up dirty clothes, sweep them, or cook dinner, they can earn something. Why? These are tasks that are beyond your expectations.

As your children get older as are the responsibilities, They have to keep their room clean, help with the dishes and pick up the items they leave in the house. They may also need to sweep the floor and take out the trash every week.

Children do not have to be paid for these tasks. They are what is necessary to have a functioning household. They are required because they are a member of your family.

When children want to make money, they do so when they do things outside of their regular duties. Raking tasks like raking leaves, cleaning the family room without being asked, or volunteering for dinner. If they do things that don’t meet expectations, they make money.

Call them commissions

An allowance is something that sounds justified. It creates the feeling of getting money every week, regardless of whether it involves work.

Once you call it a commission, it sounds different. Commissions are earned when you’ve done something. Your work has helped you make money.

The same premise can be used when talking about the work that is beyond what is expected. If they do additional work, they can earn a bonus or commission. It encourages your child to look for other ways to help.

The limitation, however, is that they also have to do their regular tasks! That means they can’t just focus on additional things and they can’t keep their room clean and still expect to get paid. Nope! You have to do both.

It’s all the mindset and what we call it. If it seems special, there may be more incentives for children to participate.

You want / need your child to learn more as it grows. This is how they learn to look after themselves and a home after moving out. You have to learn these tasks.

It makes sense to tie up money for work done. Adults are not paid when they are not working. Children must also learn this valuable lesson.

If you give your child money without expecting anything in return, it is a disadvantage. You miss the opportunity to teach your child important life lessons.

But in the end it’s your decision. Only you can decide what works for you – whether you grant your child a housework allowance or not.

– By Tracie Forbes


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