Today’s fantastic family finance article is:
“An allowance is where I ALLOW you to stay in my house.”
~ Chris Rock
Sometimes kids get the notion that an allowance is a right instead of a privilege.
“Suzy down the street gets X in allowance, why don’t I get the same?”
Short answer: “You aren’t Suzy, and this isn’t Suzy’s family.”
Long answer: “Let me explain our money philosophy...”
If your child is suffering from allowance entitlement, sit down and check out this classic sitcom clip together. Chris asks his father for an allowance. He gets an education instead.
Like Chris, your kids need to understand that many of the things they take for granted - the roof over their heads, the food on the table, all the creature comforts - come from money that is earned through hard work, not a handout.
That said, an allowance can still be an excellent way for kids to learn how to manage money for a specific purpose. Think of it as handing over a tiny slice of the family budget to your child. You’re putting your child in charge of some spending you would have done on their behalf anyway.
That’s not a right, it’s a responsibility. And an education.
Get tomorrow’s tip here.