In our kitchen, a laminated sign hangs prominently, outlining daily chores for our children. We have separate lists for weekdays and weekends, with some tasks appearing on both. Each day, our kids are responsible for brushing their teeth, packing their lunches, tidying up after themselves, and engaging in creative play. Their responsibilities also include completing homework and, on weekends, tackling a few household chores—my daughter cleans the family van while my son sweeps and mops the kitchen and bathrooms.
While there’s more to it, the chores are a blend of essential life skills and contributions to our household. The twist? We don’t compensate them with money. Instead, our children earn screen time for completing their chores. This might seem like a gimmick from 2019, but we previously attempted to incentivize our kids with monetary rewards, which didn’t yield the desired results. So, we swapped cash for screen time, the one currency they value most.
The motivation this brings is astonishingly effective, and it costs me nothing. A significant upside to this approach is that I can also use screen time as a reward for community service. In our previous neighborhood, I would offer my son screen time for helping elderly neighbors with chores such as taking out the trash or weeding their gardens. I also rewarded him with screen time for assisting friends with moves or helping his younger sisters with homework when I felt overwhelmed. This method taught him the importance of being a supportive member of our community without straining our finances.
However, many parents still adhere to traditional allowances. I’m not sure if we’re ahead of the curve with our screen time system, but my children are now at an age where they’ll soon demand their own spending money. My son, now 12, is likely to need funds for outings with friends, such as movies, and I’d prefer him to contribute his own money.
So what should the allowance look like, and how much should it be?
I admit that rewarding them with screen time for daily tasks feels reasonable and eliminates potential morning conflicts. However, transitioning to actual monetary allowances for those tasks seems absurd. Yet, after listening to a thought-provoking NPR interview on the topic of allowances, I find myself reconsidering my stance.
According to a survey by the American Institute of CPAs, parents, on average, provide their children with $30 a week in allowance—adding up to $120 monthly or $1,440 annually. This figure strikes me as quite high; in my youth, I earned as much working part-time at a pizza place. What intrigued me most about the study wasn’t the average amount but the financial lessons children can learn from receiving an allowance.
During the NPR discussion, Michael Eisenberg from the American Institute of CPAs emphasized that giving children money is crucial for teaching them to manage their spending wisely. I don’t want to generalize, but when my son gets his hands on money, he practically vibrates with excitement, eager to rush to the store and spend it before it burns a hole in his pocket. While I exaggerate slightly, his eagerness raises concerns about how he might handle a real salary as an adult.
Eisenberg suggests that parents should take their children to the bank to set up a savings account. By making regular deposits, children can see their savings grow, thus understanding the value of saving. Although it may seem old-fashioned, I can personally attest to its effectiveness. As a teenager living with my grandmother, I begrudgingly deposited 10% of my paycheck into a savings account every two weeks, a practice I eventually appreciated when it helped fund my college education.
Of course, not all families have the means to provide an allowance. Eisenberg advises parents to openly discuss their budget with their children, explaining where money is allocated. He also suggests guiding children in setting savings goals for items they desire, such as a new backpack for school.
The pressing question for me isn’t whether to pay my children $30 a week—there’s no way I can afford that. Instead, I contemplate whether to transition from screen time to actual cash. After exploring the advantages of allowances in teaching financial responsibility, I’m leaning towards introducing a traditional allowance while retaining some screen time rewards.
There are countless ways to motivate children beyond monetary compensation. Regardless of the approach, parents should consider the broader lessons their children can glean—whether it’s becoming responsible community members, contributing to the household, or developing financial savvy. Importantly, we must recognize that we have a multitude of options beyond simply dispensing cash and that we can harness valuable learning opportunities.
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In summary, while my views on allowances are evolving, the key takeaway is the importance of teaching children financial responsibility and the various means to motivate them in their daily tasks.
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