Time for allowance

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Time for allowance

I love allowances because it allows children to learn something glorious called, financial responsibility. When should you start giving it? When they can count to ten and they know that money is something you give in exchange for something else. That said, it's going to be different for each child and a different amount for each family. What you really want to do is sit down and say, "What do you need?" and "What are things I expect you to buy on your own?" I really want to urge you not to tie chores in with an allowance. Why? Because chores are where we want our kids to learn teamwork and cooperation. We expect them to lend a hand together. Allowances are what help your child learn financial responsibility. You don't get an allowance for what you do, mom. Don't expect your child to want money for making his bed. Make sure that you teach your child financial responsibility early. It is one of the greatest life skills he will ever have.

See Michele Borba, EdD's video on Time for allowance...


Expert Bio

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Michele Borba, EdD

Educational Psychologist

Michele Borba, EdD is a Today Show contributor and recipient of the National Educator Award. She is recognized for her practical, solution-based parenting strategies and is an expert of bullying. Michele is the author of 22 books including Building Moral Intelligence and No More Misbehavin’. She appears as an expert on shows such as Dr. Phil, The View, and CNN and is an advisory board member for Parentsmagazine. 

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