Do's & Don'ts Of Giving Your Kids An Allowance
Volusia Parent|January 2020
You can teach your kids important money management skills by giving them a regular allowance.
Tanni Haas

But how do you ensure that they end up learning what you want them to learn? What are the most important do’s and don’ts when it comes to giving your kids an allowance?

Communicate Clear Expectations for Spending, Saving, and Giving

It’s important to communicate clear expectations for what your kids are supposed to do with their allowance. Experts agree that if you want to teach your kids about the value of money and also encourage them to become caring human beings then require them to divide the allowance into three parts: spending, saving, and giving. “This is an excellent way to expose them to the three most important things they can do with their money,” says Brad Munson, a personal finance expert, “and it’s a lesson that can last a lifetime.”

Come to a mutual agreement about how much money they are allowed to spend, how much they are supposed to save, and find a charity that they truly care about. As Susan Borowski, the author of “Money Crashers” puts it, having kids “choose the charity of their choice will make them more likely to set aside the money. Just like we give to charities that matter to us, children also need to give to a charity that matters to them, or they won’t be motivated to do it.”

Use the Allowance to Inspire Regular Conversations About Money Management

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM VOLUSIA PARENTView All

Why Family Dinners Matter: The Science Of Eating Together

Most families find it difficult to get everyone together at the dinner table on a regular basis.

2 mins read
Volusia Parent
January 2020

Tips For Helping Kids Fall & Stay — Asleep

Oddly, most of our understanding of sleep comes not from knowing what happens when we sleep but from noticing what happens when we don’t.

4 mins read
Volusia Parent
January 2020

Do's & Don'ts Of Giving Your Kids An Allowance

You can teach your kids important money management skills by giving them a regular allowance.

4 mins read
Volusia Parent
January 2020

Legally Speaking: Wills

From the Florida Bar Pamphlet: Do You Have a Will?

4 mins read
Volusia Parent
January 2020

Calling for a Little Peace and Quiet

How time spent alone can foster creativity and independence among children.

4 mins read
Volusia Parent
December 2019

5 Things You Can Start Doing Today To Raise A Motivated Learner

“Whether you think you can or you think you can’t, you’re right.” – Henry Ford

5 mins read
Volusia Parent
December 2019

Happy Family, Happy Life

Learn eight simple secrets of happy families

5 mins read
Volusia Parent
December 2019

A Dream Is A Wish Their Hearts Make: 25 Adventures In Giving This Holiday Season

Here come the holidays and with them, the spirit of giving. But who says you have to give the same way every year? If you have a holiday giving tradition and you love it and want to stick with it, that’s great. But maybe, like my family, you enjoy shaking things up each year as you explore new ways to enrich other people’s lives.

4 mins read
Volusia Parent
December 2019

No More Have-To Holidays!

How To Keep Your Family Happy This Holiday Season

4 mins read
Volusia Parent
December 2019

Ask the Doctor

Introducing our new monthly feature, Ask the Doctor. Our healthcare partners will be answering your questions.

3 mins read
Volusia Parent
November 2019
RELATED STORIES

Can Learning Empathy Prevent Bullying?

LYNNE AZARCHI is the Executive Director of the Kidsbridge Tolerance Center in New Jersey. It is the only youth-oriented tolerance center in the US. The center focuses on providing an immersive learning experience for children from kindergarten to eighth grade around the strategies of bullying prevention, diversity appreciation and respect. In this interview with EMMA IVATURI, Lynne talks about Kidsbridge, key principles that every classroom carries, and the importance of empathy in a learning environment.

5 mins read
Heartfulness eMagazine
September 2021

HEEDING THE CALL

Kids Sea Camp has taught thousands of kids to love diving and the ocean in its first 20 years. But for some KSC alum, that connection to the sea has meant so much more.

6 mins read
Scuba Diving
July 2020

Understanding Your Kids' Learning Styles

As your kids head back to school after the winter break, one of your top priorities, as a parent, is to help them with their homework.

2 mins read
Flagler Parent
February 2020

Complementary Health Approaches For Kids

Everywhere we look these days, dietary supplements, home remedies, or mind and body practices claim to be the next best thing to cure ailments and improve wellness.

7 mins read
Charlotte Parent
January 2020

Tips For Helping Kids Fall & Stay — Asleep

Oddly, most of our understanding of sleep comes not from knowing what happens when we sleep but from noticing what happens when we don’t.

4 mins read
St Johns Parent
January 2020

Brain Differences May Be Tied To Obesity, Kids' Study Says

New results from the largest long-term study of brain development and children’s health raise provocative questions about obesity and brain function.

2 mins read
AppleMagazine
December 13, 2019

Screens And Sleepovers - Do They Mix?

Do they mix?

2 mins read
Charlotte Parent
December 2019

Guide To Kid Friendly Activities

There are plenty of ways to enjoy snow magic

1 min read
North Lake Tahoe Visitor Guide
Winter 2019-2020

Survey: Number Of Kids Watching Online Videos Soars

The number of young Americans watching online videos every day has more than doubled, according to survey findings released this week. They’re glued to them for nearly an hour a day, twice as long as they were four years ago.

2 mins read
AppleMagazine
AppleMagazine #418

Become 10 Again! (It Builds Your Brain)

Want to find the key to happiness? Think about what excited you most when you were in fifth grade—and do it now.

7 mins read
Reader's Digest US
October 2019