5 Reasons Not to Give Your Kids an Allowance

I received an allowance as a kid. I can’t remember how much it was and can’t say that it created any great financial habits.

Don’t give your kids an allowance just because you received one. In fact, you might not want to give them one at all.

To be honest, I had an allowance when I was younger and I don't think it screwed me up too much.

Should Kids Get an Allowance?

Reasons an Allowance May Not Work as Well as You Thought

Kids should be encouraged to be entrepreneurial, create ways of making money and doing work beyond their family chores.

Do Allowances Mean Financial Responsibility?

Teach your kids about financial responsibility by sharing yours. No, that doesn't mean make them pay for cable service. Talk to them about what it means to manage your money.

Money Should Not Be a Reward

Money may not even work as a reward on some kids. They may have no concept of money or sacrifice if you are just giving them an allowance every week. 

A Better Allowance Idea Besides Money

There are better rewards than giving a child an allowance. Let them pick the family outing for the week or just tell them how proud you are of their accomplishment. 

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