allowance Archives - Page 2 of 2 - Homey App for Families
Budgeting for Kids: How to Make Allowance Last a Week
While there is much debate about paying kids an allowance, there are many benefits to implementing it. Paying kids some form of an allowance during their childhood is an easy way to teach them some budgeting skills. As most parents know, lessons instilled during childhood can go a long way into adulthood, allowing your child to grow up being able to manage money more efficiently.
If you are someone who pays their children allowance on a weekly basis and finds that kids are blowing their cash way too quickly, then read on for some tips on how to teach kids to budget their allowance so that it lasts all week long.
The Difference between Responsibilities and Jobs
When discussing the difference between responsibilities and jobs for kids, it is defined rather differently than the adult world.
You see, parents set a list of specific responsibilities for kids that are expectations regardless of anything else. Responsibilities for kids could include being a good human being, cleaning up after themselves and just doing the everyday tasks that a human being should be responsible for, such as good hygiene.
Most parents would define a job for kids as something like cleaning the toilet or mowing the lawn. A job is something that goes up and beyond your everyday responsibilities.