While kids enjoy receiving extra spending money and choosing what to do with it, a fixed allowance system often creates a sense of entitlement and expectation.
If you don’t have the capacity in your budget to pay your children for extra work around the house, consider compensation alternatives or barter.
If you’re worried about your child only wanting to participate in working for money when they want something, come up with creative trade ideas.
Establishing Boundaries
Working for their allowance isn’t to test their abilities to get everything done but to encourage them to be helpful and do more than the bare minimum. Teach them to work smarter than harder, but be diligent and persevere.
Teach Kids To Earn Money Through Hard Work
You could offer them $5-10 for every nonfiction, finance, business, trade skill, or personal development book they read in addition to their school curriculum requirements.
Teach Kids To Earn Money With Reading Reward
The Bible mentions tithing 10% of your harvest, giving a historical foundation to the idea of saving for emergencies, future shortfalls, and assisting less fortunate people. Tithing expresses thankfulness and gratitude. Be grateful for what you receive, and share it willingly.
Teach Your Child To Tithe Their Income
Set up a budget with his earned allowance and a plan to earn extra cash to accomplish that goal.
Teach Your Child To Manage Money By Setting Goal
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