Debating on whether to pay your child an allowance? Here are some compelling reasons you might want to start your kid on an allowance today.
Top 20 Reasons to Pay your Kid an Allowance You can make your kid a Millionaire
They can make mistakes under your guidance
They will learn how to save for the future
They will learn that money doesn’t “grow on trees”
They will appreciate what they have
They will learn to make choices and set priorities
They may stop nagging you for money
There will be less friction in your household
They will learn healthy financial behaviors
They will learn your values
You can teach them that it isn’t all “about the money”
They will learn how to spend wisely
They will be prepared to enter the grown-up world.
Allowances will teach your children to be resourceful, independent and unique.
An allowance is a “tool to empower your children to avoid commercialism’s clutches.”
You can teach them to avoid the pitfalls of debt
You can help them improve their communication skills around money.
An allowance now could help them avoid future “marital money chaos”
They’ll learn the difference between quantity and quality.
They’ll learn how it feels to make a poor choice and have to live with it.
They’ll learn how to resist impulses (sometimes, maybe!)
They’ll learn to appreciate and take care of their things
For help in designing an Allowance system that works for your family, please contact Cindy at 541-387-2995 or by e-mail.
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Cindy S. Morus (www.phelps-creek.com) is a Certified Financial Recovery Counselor specializing in showing women and their families how to achieve financial well-being and peace of mind. She is also a Certified Credit Report Reviewer and Get Clients NOW!™ licensee. Contact her at 541-387-2995 or cmorus@phelps-creek.com She is also the publisher and editor of "Financial Fitness", an internet gazette dedicated to helping people improve their financial fitness no matter what decisions were made in the past.
