By Gia Jarmin
Many parents give their children a weekly allowance to teach their children about saving, budgeting, responsibility, and the value of money. Most parents give weekly allowance to their children for completing chores and use a special method called the “$1 per age” rule. For example, a 7 year olds weekly allowance would be $7 and a 15 year olds weekly allowance would be $15.
When children get a weekly allowance they have their own money to buy their own things and will learn how to manage their own money. Most parents will buy their children needs like toothpaste, shoes, clothes, etc.. but their children can pay for their games, non gifted toys, candy, books, and trendy items. Devon Bacon, a mother of 2 says “of course I will buy my kids necessities but if they want something they need to work for it and use their own money”
When children buy their own things they become prepared for the real world and learn how to save money for the future. Alvernia Silva, a mother of 5 says “This is a good way to teach their kids for later on in life when they are an adult”. When it comes to having to pay for their own car and home they will be ready and will know how to do everything correctly while others who have had their parents pay for their things are stuck. Kids whose parents pay for everything may feel secure but they will soon face risk of entitlement or limited independence. Harlow Bacon a student of Benicia High School says “Paying for my own things suck but the good thing is I will be more ready for the difficult money spending O will face when im older”
Kaia Silva, a student at Benicia High School says “Kids should pay for their own things if its a pleasure desire like a toy but if its a necessity then parents should pay for it like food but if its makeup or something then kids should pay for their own things giving your kids a weekly allowance is a good way to prepare your kids for the future” Do you plan on making your kids pay for their things?
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