What is the ideal allowance? Well, first of all, being able to use the allowance my parents give me is important, because what’s the point in having money if you don’t spend it? Some people say we should not spend our allowances and save it for the important moments, but I think kids should learn how to spend their money first. After all, it’s your choice to decide what you want to do with your money. I were a parent, I wouldn’t let my child to bring money to school unless they were told to by teachers. If he/she were more mature, then I might trust them. Although I recommend to spend some of your money on stuff you like, it does mean you can buy 1000 erasers to put in a collection, or to buy plenty of sweets. You could buy those thing for emergency cases like if you have no more food and if you don’t have an eraser when your whole class is against you. Using the allowance might be fun, but using it without purpose is wasteful.
Personally, I would be happy with $5 a week.
If a parent gives $100 to a child and told them to spend it as they want, what do you think they would buy? If the kid was young and likes being a glam, then he/she would buy useless clothes and accessories (no offense to those kinds of kids), if the kid was into gaming, he/she might spend it all on a certain game. What kids needs to know is that money from parents is not free, it might be their money from work, or their money saved in a safe bank account for you. No matter what, use everything wisely.
Sometimes, parents think that we don’t have self-control. Actually, I think with parent’s correct instruction and mentoring, we can have a lot of self-control. If I had money, I wouldn’t buy 1000 erasers, or buy sweets, I will let my good side choose. I would buy some jewelry and make-up; I would give myself some books, and our favorite food we like to eat. I recommend all children to buy something you want, but something you need at the same time. Remember, that everything is not a test; it’s an opinion for you to choose.
As a parent, we don’t trust little kids to spend money. I have an experience where I volunteered at my daughter’s school for a ‘Move-A-Thon’. Most of the kids spent all their money on getting glow-in-the-dark sticks, headbands and flashing rings. So I think kids don’t know enough about responsibilities to spend money.
As a mom, I think it is the parents’ responsibility to teach their child how to spend money. Teach them the correct procedure how to buy things that are needed. I think children are too young to spend money on their own.
For example, if they receive a gift
card from Walmart; ask your child what they want. Most children will give a bunch of ideas of what they
want. So parents will bring children to Walmart and check the price, then let them calculate how many money they need to spend. Of course, it will not be enough because kids always ask for all they want. This is when we teach them about the difference of “want” and “need,” and help them cut off some ideas down. Last, ask them to do research and compare prices with other similar products at a reasonable price. Then you can buy the thing they want and at the same time, teach them how to save money. Teach your child that saving money can grant them the opportunity to buy bigger items in the future, such as electronics. Let them know, the more time they wait, the more money they get. Make sure they keep saving until they have a large amount of money, then let your children know how to open a saving account. It’s a good idea for your children to save and use money.