by DINA HAOUARI Staff Writer
A person’s childhood has a great impact on their future. Children that receive a weekly allowance usually turn out more financially equipped than others.
Allowances are powerful things. They are a child’s first exposure to the power of making personal financial decisions. It is for this very reason that parents approach it with a mixture of fear and trepidation.
Most parents give their children an allowance for doing housework to make sure that they understand what their responsibilities are and the consequences of not doing them. Some parents even let their children choose the chores and then keep a chart posted to remind them of what needs to be done.
To others, however, allowances are dangerous things that take away parental power and authority, and teach nothing more than greed. Parents think that they should not link the allowance money to household chores. Children should be expected to help out around the house because they are members of the family, not because they are paid.
I can understand why parents might think that chores are a child’s job around the house and they do not need to be paid, but in addition to those a child should have the option to do extra things around the house to earn some money
“Getting an allowance can teach kids that doing good things comes with a reward, which is not always the case, and can cause them to not work as hard when they aren’t getting something in return,” said freshman Ria Varughese.
I however, disagree with Varughese.
The upside of earning an allowance through chores is that children learn a sense of empowerment and that the amount of money they have in their pockets is the money they worked for. They have more appreciation for the things they buy when they use their own money.
Earning and spending their own money forces children to think about how much things cost, and to make spending choices between the many things that they may want and need.
“Getting an allowance as a kid can teach kids how to spend money when they receive it,” said freshman Catherine Nguyen.
Some parents get annoyed when their children are constantly asking to buy them things. A solution to this is to give their children a weekly allowance and set some ground rules. One of the rules could be not allowing them to ask you for things. If they want something more expensive, then they have to save for it.
A question most parents ask is, “At what age do I begin giving my children an allowance?” Usually most parents start an allowance when the children are in sixth or seventh grade because that is when they usually start wanting to get things for themselves.
Another question frequently asked by parents is, “How much allowance should I give?” The amount of money you give your child a week depends on your financial situation and what kind of commitment you feel that you can comfortably keep.
Regardless of how much you choose, give the allowance regularly and increase the amount as your child gets older.
An allowance can be a great way to teach children money management skills and help them learn how to make decisions.
How do you think a child’s future could be impacted by receiving a weekly allowance?