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The Piggy Bank: Stop Paying For These

By Kimberly Shane

The Piggy Bank: Stop Paying for These

Piggy bank an allowance blog-01.jpgWe’ve talked a little bit about why it’s important to give your kid an allowance but all the good could be undone if the allowance is not implemented correctly. So, when we give our kids allowances we also need to give them the responsibility of paying for things on their own. Kerry, a mom and blogger decided that it wasn’t just toys that the kids would need to pay for but also for some necessities. I’ve included a list of items that she lists as options for kids to cover the cost on:


  1. Library Book Fines- This is genius! Not only does it teach them that we need to be just as careful, if not more careful, with other people’s property as we do our own but after that first fine, hopefully they are less forgetful the next time around!
  2. Cheap Trinkets- I love how Kerry put this, “Now, whenever my kids ask if they can get an eraser that looks like an iPhone or a tiny pin with a cute kitten on it, my answer is “You can get it with your allowance.” It’s interesting to see if they still choose to buy the destined-for-the-dump trinket after knowing they must pay for it.”
  3. Souvenirs- You know that you will end up in at least one of those little souvenir shops when you are on vacation. Before you go, have your kids figure out how much they have saved in allowance and if you decide that you want to add to it then feel free. You can keep track of the amount of money they have spent on the trip then have them pay you back. This way you don’t have to worry about either them or you keeping track of cash while travelling.
  4. Treats- If you go to the movies or stop in at a fair and your kiddo wants a treat then this is a great opportunity for them to spend their allowance.
  5. Clothing- Start working with your kids about staying within a budget for clothing. Talk to them about the tradeoffs of choosing name brand expensive clothes and perhaps finding them on consignment. Then, as your kids get older you can give them a set clothing budget and if they choose to spend over that amount then it needs to come out of their allowance. 
  6. Data Plans- As your kid gets older and you decide they should have a cell phone, let them cover their monthly data plan so they can choose to forgo other purchases to cover this cost.

If you are looking for more information to share with your teen, we have some great information on how credit works; check out our Understanding Credit Guide. It’s available for free download here. 

Information Source for this Blog: https://selfsufficientkids.com/9-mistakes-avoid-giving-kids-allowance/

 

Tags: Finances, 100% financing, financial, financial security