Almost $10 a week, or $500 a year! That’s the average kid allowance. I legit almost hit the car in front of me when I heard that coming across on the radio. I crunched some numbers and with 3 kiddos I realized that we’d have to fork over a whopping $1,500 a year in allowance…I don’t know about you, but, where I come from we call that our, “Christmas gifts fund”, not happening! But I shouldn’t be to rash in my judgement, after all, if ALL the other kids are receiving $10 a week for an allowance I should at least do my due diligence and delve deeper on the topic. My first stop, CBSNEWS, https://www.cbsnews.com/news/average-kids-allowance-is-almost-10-a-week-or-500-a-year/
So, it turns out that many parents, specifically, per the article, almost 70% of parents give their kids a weekly allowance not because they are strapped for the cash, but to jump start their education in financial literacy. Which I am 100% on board with! I’m literally clapping profusely & screaming “YES” after reading that paragraph! I want my kiddos to know the importance of saving, saving, & saving, tithing, & paying all their bills on time and not going into debt.
“After all, it’s never too early to start practicing good money habits, and giving kids an allowance allows them to learn how best to spend and save it, experts say”.
I gotta be honest; thus far this article is really making me out to be the asshole. Why don’t I pay my kids again?
“I know kids don’t have the overheads of mortgages and homes and utilities, but if you can get kids engaged at an early age and build those habits to an extreme, that’s something that will stay with them for life,” said Will Carmichael, CEO of RoosterMoney.
What I find most interesting is that this article NEVER once addressed what type of chores a child completed in order to….wait for it…EARN said money!!! If we want children to totally understand money, they must first EARN it!! Earn as in, retain in return for goods, labor, or service. Not once did this article address the main educational component of finances, earning the money! But this is just one article, I was sure others would address the main component, so onward I went in my pursuit! With the next article I hit pay-dirt!
Top EARNING chores:
Mowing the lawn, $7.53
Washing the car, $5.56
Washing windows, $3.23
Cleaning bedroom, $2.31
Helping make dinner, $2.19
Looking after pets, $2.11
Clean bathroom, $2.02
Hmmm….now we have something to work with! I agree that a child should be paid to wash a car & garden, but the rest of them are BS. Who’s paying $7.53 to my husband to mow the lawn? And, who’s paying me $2.19 to make dinner each week? Who’s paying either of us $2.31 to clean the bathroom? Last I checked those were all basic requirements for living life? Paying children to do basic chores that involve cleaning up after themselves or feeding themselves is not setting them up for success. It’s setting them up for a false reality, or better referred to as, failure. And don’t even get me started on PETS!!! Most children BEG for pets. We have 4! We currently have a dog, 2 guinea pigs, & a gecko. Do we pay our children to clean their cages, pick up poop, feed them, etc.? Heck NO!!! They begged for the pets, we negotiated the terms, they received the pets in return for being responsible for them, which includes feeding, and cleaning up after them, etc. the reward in this scenario is, the pet!
THIS JUST IN….. New Study Suggests 25% of Married Couples Divorce Over Chores!! A new study conducted by Harvard Business School suggests that as many as 25% of married couples end their relationship over chores. Can an uneven divide in cooking and cleaning really cause a rift in so many marriages? You bet. “Disagreements About Housework” Ranked 3rd Leading Reason For Divorce In Study (Source: https://sparkmanlawfirm.com/new-study-suggests-25-of-married-couples-divorce-over-chores/)
Hmmm…could there be a correlation? Are we setting our children up for failure in adulthood by paying them to clean up after themselves and do basic chores? What are your thoughts?