I’m going to go out on a limb here and just say it: I don’t think setting up an allowance for kids is a good idea. In fact, sometimes I wonder if being given an allowance while we were growing up might be a contributing factor as to why millennials have a bad rep. Did you know we were referred to by Time magazine in 2013 as the “Me Me Me Generation”? That article famously described those of us born from 1980-2000 as lazy, entitled narcissists. I’m not going to lie; that stings a little. Luckily, we’re also called nice, earnest, optimistic, and life hackers — so let’s give the allowance method a much needed life hack and hire your kids!
First of all, consider this: it doesn’t seem practical to teach kids that they can get money for no reason. How many people do you know who magically have money appear in their bank account every month? For kids to begin their financial education thinking they are entitled to $5 a week — meager as it may be — just doesn’t seem like the right path to start on.
Second, kids are a big part of the family, and as such should contribute to a clean and tidy home — especially when it comes to picking up after themselves. Some of these chores are expected and therefore shouldn’t be linked to receiving monetary compensation.
Finally, they deserve an opportunity to earn money — both so they can learn the ropes of earning/spending/saving and so they can have the joy of shopping for themselves. Plus, if you don’t need help around the house, teach me your ways. I am forever falling behind on one task, only to get it under control and have another area start to slip. Kids to the rescue!
It seems we should differentiate between two categories here: chores and jobs.
Chores would be the ones they are expected to do. Their responsibilities, of course, should be tailored to their ages and capabilities. (We use a DIY Chore Chart I made last year to help keep track of their morning chores.)
- put away their toys
- make their bed
- clear their spot at the table
- brush their hair and teeth
- put their dirty clothes in the hamper
Jobs would be the extra tasks they can perform in order to earn money.
- put away the clean silverware
- color sort the laundry
- move clothes from washer to dryer
- take out recycling
- sweep the floor
- help feed pets
- clean the car
- put away stray shoes (is it just my house or are shoes always out in your house, too??)
Here’s the fun part: let them spend the money they earn any way they want. Which means there might be times you have to smile and let them hand over their hard earned cash when checking out at the dollar store with a few pieces of junk. They might even experience buyers remorse, but this step is key to developing financial responsibility. Doing jobs in order to earn their money will give kids a sense of accomplishment, confidence, and pride in their abilities, and who doesn’t want that for their offspring?
Does it ever feel overwhelming when you realize that the next generation is currently being molded in our very own hands? The Baby Boomers and Gen X-ers had their chance and love it or loathe it, they created us — the Millennials. Now we have ours, and our parenting techniques have yet to reveal themselves in the form of a functioning society of adults. We can do it. After all, we get to re-write the rules — and that’s one area we already dominate.
