My wife and I are trying very hard to save money and pay off debt, but we’re not making progress as quickly as I had hoped. What do you think of the idea of putting a hold on our son’s allowance for the jobs he does around the house until we get into a better financial situation?
Kids should learn at an early age that money is connected to work. Even a child who’s in kindergarten is old enough to begin doing some age-appropriate chores around the house.
I admire your drive and determination to get out of debt, but if it were me, I wouldn’t stop the process. I would, however, stop calling it an allowance. There’s a victim mentality attached to that word. He’s doing work, and reaping the rewards.
We did this kind of thing in our home with our kids, but we called it a commission. We kept it very simple for them, and very affordable for us. If they did their jobs, they got paid. If they didn’t do their jobs, they didn’t get paid. It didn’t take long for them to make the connection.
Don’t let these teachable moments slip away, Kellen!