Today’s fantastic family finance article is:
It’s inevitable. Someday your kid is going to lament that “other parents” pay their kids way more money for way less work. The bottom line: you’re offering the worst allowance deal in the neighborhood, and you need to step up!
Actually, that’s when it’s time to sit down. Sit down and explain the “Mayberry Money Rules.” Not ringing a bell? Watch this classic 2 minute Mayberry R.F.D. clip. Opie tries to explain the “75 Cent Rule” to his dad, Andy. Opie wants 75 cents a week in allowance for doing nothing because that’s what “they” get. Andy isn’t buying:
Andy: You want it straight don’t you?
Opie: Uh huh.
Andy: There are no rules for pas and sons. Each mother or father raises his boy or girl the way that he thinks is best. And I think it’s best for you to get a quarter and work for it. When you give something — in this case cleaning the garage — then you get something — in this case a quarter. That’s the greatest feeling in the world. You do feel good after working don’t you?
Opie: Uh huh. Good and tired.
Andy: As you get bigger, you'll be doing more and more work for more and more return, and that good feeling will get bigger. You understand what I mean?
Opie: I think so. I'm not going to get the 75 cents.
Opie: And I have to work for the 25.
Andy: Right. All clear to you?
Opie: Yeah. The bigger you get the tired-er you get.
Love that. Remember, you’re the sheriff when it comes to money rules in your family. Whatever they are, take the time to thoughtfully explain them to your kid. And, by all means, stick to your guns.
Get tomorrow’s tip here.