Thanks to The Simple Dollar I was made aware of this interesting conversation about kids and allowances.
We have never done allowances with our kids. I’ve tried a couple of times but, frankly, it was a pain. My kids seem to have more than enough money coming into their lives from things like birthdays, Christmas, babysitting and dog sitting jobs, etc. I don’t really feel the need to provide an allowance on top of that.
I do agree that allowances can be a great teaching tool but I guess I don’t think they’re the only teaching tool. I have lots of conversations with my kids about money and they both have savings accounts. I listen to Dave Ramsey in the car quite a bit and that has provided us with lots of jumping off points for conversations.
My daughter is now in high school and is making noises about applying for her first job. I imagine that will provide many more teaching moments. I seem to remember a line from The Cosby Show back in the 80’s: “Who is this FICA guy anyway?”