When I first began this blog 10 months ago, I wrote about our use of chore sticks to teach our kids how to make money and then subsequently how to manage that money. Well after this last Christmas when the grandparents bought all the kids an Amazon Fire Tablet, we found that we needed to impose time limits to avoid zombie-like children!
They each receive an hour and a half everyday, about the length of a movie, and thereafter can read as many books as they like. The chores are still in place however instead of receiving money we changed it to time earned on their tablets. So while we haven’t eliminated the allowance completely, we no longer pay an allowance for chores completed.
Why We No Longer Relate Chores To An Allowance
Sometimes its hard being a parent! You have all this pressure on you to raise these little people into competent, responsible, and caring adults. So we decided that their basic chores are things that are expected out of any person; picking up after themselves, making their beds, taking care of their animals, putting away their laundry, and taking out their own trash. These are things that they are not rewarded for but to understand that this is a team effort and it is what is expected from them. Anything above and beyond is when the chore sticks come into play. If they’re bored and they’re out of time on their tablets I’ll tell them “go get a chore stick!” They leave me alone and that is one less thing I have to do!
Why They Still Get An Allowance
For me personally, I thought it was more important that their allowance was not dependent on their chores because in the real world when they’re living on their own, nobody is going to pay them to do their own laundry or do their own dishes. However, they still need to learn how to manage their own money. If they understand that they are consistently receiving an allowance, they can plan accordingly for saving, spending and giving.
There is such a lack of personal finance knowledge in our country that I do not want my children to become another statistic of a young adult filing for bankruptcy or being a 40-year old still living with their parents. How to you handle the topic of chores and allowance with your own children?
23 Whatever you do, work at it with all your heart, as working for the Lord, not for human masters. Colossians 3:23
Disclaimer: I am a CERTIFIED FINANCIAL PLANNER TM (CFP®), but I am not your CFP® or financial advisor. The information in this article is for general informational and entertainment purposes only and does not constitute financial advice. This article does not create a financial planner-client relationship. The author is not liable for any losses or damages related to actions or failure to act related to the content in this article. If you need specific financial advice, consult with a licensed financial advisor, CFP®, or tax professional who can tailor advice regarding your specific circumstances. Additionally, sometimes I use affiliate links to support my website. This means I may earn a small commission, which is no additional cost to you, for referring and discussing products and services that I personally use, or have used and trust. Thanks for your support!