Today’s fantastic family finance article is:
David James of the Parenting Squad weighs the pros and cons of giving his youngster an allowance. If you’re thinking about (or rethinking) an allowance and chore system, you’ll want to think through David’s 8 points on both sides of the ledger.
Regarding the classic quandary of whether to link allowance to chores, consider a hybrid model:
- unpaid regular chores that are an expected part of being a contributing household member, plus
- paid extra jobs that are an opportunity to earn some extra cash.
You’ll teach the economic value of hard work, while emphasizing the importance of pitching in for the common good. The best of both worlds!