Money Talks: Should Your Child Have An Allowance?

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How Should Allowance Be Earned?

There is a great deal of opinion concerning how allowance should be earned, especially when it comes to chores. Some parents believe that chores are to be expected from children and that there should be no financial compensation for contributing to the family. Others believe that chores are the logical way to begin teaching children about earning money.

No matter what your school-of-thought, there are various ways that children can earn allowance. Some of them include:

  • Chores, including light housework, caring for a pet and child-safe yard duties;
  • Homework/grades;
  • Extra help around the house

Allowance is typically given in exchange for helping out around the house. Sometimes it is only given if a child does an "extra" job like washing the car, mowing the lawn, painting a fence and other laborious types of jobs.

Some parents will actually pay their children for consistently turning in homework or earning high grades. Every family and situation is unique, so there should be a discussion with all family members on what a child can do to in order to earn an allowance.