Starting a Family & Teaching Kids to Save
Should You Pay Your Kids?
Allowances can be great ways to teach kids about the value of hard work, but paying your kids to do certain things may not make great sense. Think twice before you pay for:
- Good grades. School is a privilege; should you pay your kids to do well? What if another child doesn’t do well?
- Chores. Some activities are part and parcel of running a home and contributing to a family. Providing an allowance for a clean room may not make sense but extra responsibilities should be rewarded.
- Behavior. Paying your children to be on their best behavior at an event may not instill a lesson you want learned.
- Helping others. Charity comes from the heart, not from the wallet, even if money is donated.
Think about what you want your kids to learn before you pay them. Reinforce the behaviors you want them to exhibit.