Okay so this is something I go back and forth on, and honestly I get why it's a debate, Like, I already cover everything ,the roof over their heads, the food on the table, the school fees, the clothes, all of it, so why would I also hand them cash on top of all that? It feels like a lot, right?
But let me share my thoughts on what I think about this topic from the hivelearners table this edition.
So for me I do not think I would give allowance to kids who are too young, If my child is from age 8 , let's say 12, 13 years old nah ..... Like what do they really need money for? Maybe they want to buy candy or stickers or stuff, I do not think that needs a weekly budget at all I think the right age to start thinking about allowance is may be from 15 - 16 years old, yeah to me , that is when I think it makes sense.
When my kid turns 15, 16 years old things change, I think they are not little kids anymore, they have their opinions, they have friends , and then they want to look a certain way and they want to do things with their friends too after school hours or even during school hours, maybe they want to buy something to eat after school, maybe they want to buy something for themselves without asking me for money.. Honestly I think that desire for independence is normal at that age It is actually a good thing.
Now just because I give my kids an allowance does not mean that I stop being their parent, no... Of course I will still pay the bills, like the electricity and the groceries for the house and all that, the allowance is not meant to replace any of that at all, It is a way to teach them budgeting, give them some money to manage on their own, It is like a practice their later run of life.
Because the truth is, one day these kids will grow up and they have to handle their own money, they will have to pay rent, bills and groceries and all of that, And if they havve never had to think about budgeting even a small amount, that transition is going to hit them hard, an allowance at 16 teaches them that money has limits, That if you spend it all on one thing, it is gone, that you have to think before you buy, those are lessons that will stick with them way longer than anything I tell them in a lecture.
Also giving my kids an allowance saves me from a lot of conversations about money, When they have their money they learn to plan. They stop asking me for money all the time because they know they have to manage what they have.
And how much I give them is up to me, What my household can afford , It does not have to be a lot of money, even a small amount that covers their needs is enough, see the point is not to make them rich but to give them something to be responsible for you get?
If I want to tie the allowance to chores or good behavior or school performance that is okay too, Some parents do it that way, and some do not, but either way works, depending on how you run your own home.
So I believe for kids under 16 years old I do not think it is necessary, they do not have the needs or the maturity to manage money properly yet, it would just be like giving them money to spend on things that are not important, i would rather wait until they are older when It can actually mean something to them.
So allowance, at 16 years old yes. Before that , hmmm no ... I don't think it is necessary, every parent has to make their decision.
