Allowances. I cannot remember for the life of me if we got an allowance. Somehow what I remember most is that my dad sometimes paid us in candy bars. Not your normal candy bar, the kind you sell for school fundraisers. He would buy a case (or maybe we had some left over). I distinctly remember the ones that had caramel in the inside. If we ever did get paid (even with candy bars) it was for chores we did around the house. Did doing chores and my parents never following through with an allowance teach me good ideals about working, money management, or spending money? Not really.
I started working when I was nine years old. I babysat, cleaned a neighbor’s house, polished their silver, and had a paper route. Yes, crazy to think I did that at the age of nine. I guess I worked just as hard then as I do now. My parents would have me put my earnings in a savings account, so I guess you could assume that they taught me about saving. The problem? My dad usually “borrowed” from my savings account never paying me back. I did not have the best money role models. Kids should be taught about money early on, and not be graced with everything with no knowledge or conversation that money does not grow on trees. Which is why I especially love this article from Slate.com titled: “You’re Doing Allowance Wrong.”
“Spending is about modesty, thrift, and the prudence to shell out (and even splurge) for things that bring kids the most joy while avoiding mindless outlays for plastic junk they will quickly break or forget. Saving instills patience in a world that increasingly conspires against waiting, delivering television without commercials and movies without Blockbuster. And giving is about generosity as well as gratitude for how lucky you are to be able to help others.”
The article goes into depth about giving an allowance, a budget, and a list of things they want or need and let them make the decisions on what to purchase. It means letting them fail. As the article states: “Better now then at age 24…” It teaches critical thinking skills, how to rationalize why one purchase makes more sense than another one. Many adults today do not have these skills. What if we started early on learning these life skills? We have gone away from being a saving culture, instead we spend, and rarely give. If you have kids what are your thoughts on this article + topic?