Do Kids Really Need Allowance?

As much as I know, parenting differs for every parent. People adopt what they think will be okay for their kid's upbringing, and when it comes to giving kids allowance when they still live on the same roof with their parents and you still provide their meals and pay their bills, the idea differs from each parent's.

While some parents only adopt the idea of giving their kids pocket money, others embrace allowance, as it teaches money management and responsibility.

Personally as a parent, I already have a stretched budget; it's a whole lot already with the kind of country I live in that wouldn't allow its citizens to breathe fresh air. I carry a lot of responsibilities for my kids already; the likes of feeding, clothing, medicals, roof, school fees, etc., so adding allowance for them again at least by this stage of their lives seems like an overburden to me. I feel like they need the money for nothing.

Maybe it's something I will do when they are of age anyways, but for now, I don't even give them even pocket money, not to talk of allowance. The only money I started allowing them to handle for the sake of learning savings and more is the cash gift their uncles and aunties usually dash them occasionally; otherwise, I make sure to provide every basic need they really need as growing kids.

One thing I noticed from the little cash gift under their custody is that they are always taking permission to spend the money on snacks even when their locally constructed piggy bank, where they claim they have learned the importance of savings, is there glaring at them. It's all about what to buy every now and then, and when I give the permission and the money gets exhausted, they will start requesting money from me. Can you imagine, lol.

So this way, I feel they are far from learning about money usage. This is why I think that introducing allowance for them when they are of age will be a good idea, where they will have to brainstorm on managing the fixed amount of allowance either weekly or monthly they may receive .

I think the main idea of allowance for kids should be teaching them responsibilities; otherwise, they shouldn't start receiving money without proper guidance. If not, it might turn to a total mess along the line.

So yeah, I think giving kids allowance is okay when we intentionally use it as a tool for financial education, especially at their early stage in life. No doubt, it will help to prepare them for the real world. A world where earning money isn't so easy and learning money management is a must to survive, so yeah, it makes more sense to raise kids who understand value rather than be on the receiving side.

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