In our kitchen, there’s a laminated chart detailing the daily chores assigned to our kids. We have separate lists for weekdays and weekends, with some tasks overlapping. Daily expectations include brushing their teeth, packing their lunches, tidying up, and engaging in both creative and active pursuits. They also need to complete their homework, and on weekends, they each tackle a couple of extra chores. For instance, my daughter cleans the family car, while my son sweeps and mops the kitchen and bathrooms.
Of course, there’s more involved, but generally, it’s a balance of necessary childhood responsibilities alongside contributions to our household. The twist? We don’t pay them in cash. Instead, our kids earn screen time for their chores. This approach may sound like a product of 2019, but we initially attempted to incentivize them with money, which didn’t work. Ultimately, we decided to leverage the one thing they value most: screen time.
The motivation stemming from this arrangement is astonishing. It costs me nothing, which is a bonus. In fact, one of the perks of not using actual money for chores is that it allows me to reward my kids for helping in the community. For example, in our previous neighborhood, I would grant my son screen time for taking out the trash for elderly neighbors, shoveling their sidewalks, or even helping friends move. This teaches him how to be a good neighbor and family member without putting a strain on our finances.
However, many parents still opt for traditional monetary allowances. I’m unsure if we’re trendsetters with our screen time model, but my son is 12 and my daughter is 9, and I suspect they’ll soon start asking for spending money. My son, in particular, is likely to seek cash sooner since his friends are inviting him to outings like movies, and I’d prefer him to cover his own expenses.
So, how much should I give him? And for what tasks? I’m comfortable exchanging screen time for daily routines like brushing teeth and getting ready, as it avoids morning skirmishes. However, paying them actual money for those tasks seems excessive. After hearing an NPR interview about allowances, I’m beginning to question my perspective.
A survey by the American Institute of CPAs revealed that parents typically provide about $30 a week in allowance, which totals $120 monthly and $1,440 annually. If this figure seems high, you’re not alone; at 37, I recall making that amount flipping pizzas in high school. What stands out to me about this study isn’t just the average allowance but the financial lessons that come with it.
During the NPR segment, Michael Eisenberg from the American Institute of CPAs emphasized the importance of teaching children to spend money wisely. When my son receives cash, it’s as if his pockets are on fire; he can’t wait to rush to the store and spend it. While I’m exaggerating a bit, his eagerness raises concerns about how he’ll handle real salary as an adult.
Eisenberg suggests parents take their kids to the bank to establish a savings account, allowing them to see their savings grow. Although it might sound old-fashioned, I can attest to its effectiveness. When I was a teenager living with my grandmother, she insisted that I deposit 10% of my paycheck into a savings account. I resented it at the time, but it helped fund my first two years of college.
Of course, not every family can afford to give an allowance. In such cases, Eisenberg recommends discussing budgeting with kids, showing them how money is allocated for various expenses. He also advises parents to involve children in planning for future purchases, such as a new backpack for school, by setting aside a certain amount each week or month.
The pressing question for me isn’t whether to pay my kids $30 a week—because that’s not feasible—but whether to transition from screen time to cash. After learning about the advantages of allowances for teaching financial responsibility, I’m leaning toward a traditional money allowance, while still incorporating some screen time rewards.
Ultimately, there are numerous ways to motivate children beyond just cash. Regardless of your approach, it’s essential to consider what your kids can gain from these experiences, whether it’s being a helpful household member, a responsible community citizen, or savvy with money. As parents, we should recognize the variety of options available to us, and the valuable lessons we can impart.
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