Stretching Your Dollar: Regulating Allowances

5 years 9 months 3 days ago May 24, 2011 May 24, 2011 Tuesday, May 24 2011 Tuesday, May 24, 2011 8:44:00 PM CDT in News
By: Angie Bailey
loading

MID-MISSOURI - Most parents fall into two categories: those who are willing to give an allowance and those who end up getting gouged for all of the costs associated with kids. There definitely seem to be benefits to junior getting some money of his own.

"We don't have to go up behind them and pick their toys up now they do it all themselves," Justin Gentry said. "They do it themselves."

How did Justin and Nichole Gentry manage to get their three daughters to clean up after themselves?

"If we do our chores, we get a star and every star is 25 cents," Mackenzie Crum said.

There is some proof that in some cases, if you fork over a few bucks a week and hold your children to the rules, an allowance is an impressive thing.

"Each day they have anywhere from two to four chores to do and everyday they do a chore they get a star. Each star is worth 25 cents and at the end of the week it adds up to $5 a piece. If they don't do the chore, they don't get a star," Nichole Gentry said.

A tidy house may be reason enough, but there are some other apparent advantages.

"[It] shows the girls a thing about responsibility," Justin Gentry said.

And it teaches them about real life. It's a hands-on course in values. Having their own money teaches them about responsibility, consequences, savings and charity. They'll learn to distinguish needs vs. wants. Do they really need a new X-Box game or that blinged out tank top? They're going to think harder about what to spend it on if it's coming out of their pocket instead of yours.

You'll end nickel & diming. You're creating a set budget for yourself. That should stop the constant stream of quarters and dollars you're dolling out for random stuff for them. Allowances build trustworthiness. It's their money to manage and that tells them you trust them. If they want the money to keep coming, they need to show they can handle it. It also promotes self-confidence.

Just as it does for you, managing money has a impact on self-esteem. Teaching them to give a little to charity, save for a long-term goal and spend a little now gives them the tools they need for self-reliance.

Here are the suggestions from the experts about allowances. There are not rules for when to start, but the kiddos need to be old enough manage their money and understand the concept, which is usually around six. Many families use age to determine how much is getting paid out.
Some 10-year-olds get $10 a week. If that's too rich for your blood, you can match the allowance to how much money a kid "needs". A 12 year old has a lot more social spending than a 6 year old.

"We also have a behavior chart, they get four stars which are also worth 25 cents apiece at the end of the week if they have all for stars they earn an extra dollar for a total of 6 dollars a week," Nichole Gentry said.

Whether you can swing a weekly or a monthly allowance, research shows kids do better if you stick to a regular schedule. Younger kids tend to do better with a weekly pay-out, it serves as a frequent reminder. Older kids might fare better on a monthly schedule because they'll have to think more about budgeting.

Regardless of the amount, which according to an American Express study is a national average of $12 a week. You need to encourage your kids to save a percentage, set aside a percentage for charity and spend the rest as they please.

 

More News

Grid
List
COLUMBIA – The 6th Annual Fitness for a Cure event benefiting the American Cancer Society on Saturday hopes to grow... More >>
10 minutes ago February 25, 2017 Feb 25, 2017 Saturday, February 25 2017 Saturday, February 25, 2017 12:01:00 PM CST in News
ST. CHARLES (AP) — A woman has been accused of stabbing a worker at a General Motors plant near St.... More >>
1 hour ago February 25, 2017 Feb 25, 2017 Saturday, February 25 2017 Saturday, February 25, 2017 10:27:08 AM CST in News
JEFFERSON CITY (AP) — It could soon be legal for travelers to take their booze from the bar to their... More >>
2 hours ago February 25, 2017 Feb 25, 2017 Saturday, February 25 2017 Saturday, February 25, 2017 10:04:05 AM CST in News
COLUMBIA - It all started with a Madden tournament. Columbia College's new president at the time, Scott Dalrymple, challenged students... More >>
3 hours ago February 25, 2017 Feb 25, 2017 Saturday, February 25 2017 Saturday, February 25, 2017 8:39:00 AM CST in News
CAMDEN COUNTY - The Camden County Sheriff's Department has issued a Missing Endangered Person Report for Chad Hawk. Hawk was... More >>
7 hours ago February 25, 2017 Feb 25, 2017 Saturday, February 25 2017 Saturday, February 25, 2017 4:41:00 AM CST in News
COLUMBIA - The Boone County Sheriff's Department has noticed a decrease in the number of concealed carry permit applications and... More >>
14 hours ago February 24, 2017 Feb 24, 2017 Friday, February 24 2017 Friday, February 24, 2017 10:03:00 PM CST in Top Stories
MOBERLY - A non-profit held an open house Friday for people to learn about a program that helps disabled people... More >>
16 hours ago February 24, 2017 Feb 24, 2017 Friday, February 24 2017 Friday, February 24, 2017 7:41:00 PM CST in Top Stories
COLUMBIA – When Deronne Wilson arrived at the First State Community Bank, he was expecting a job evaluation. Instead, friends... More >>
17 hours ago February 24, 2017 Feb 24, 2017 Friday, February 24 2017 Friday, February 24, 2017 7:01:00 PM CST in Top Stories
COLUMBIA - Residents of Columbia have the chance Saturday to express their opinions in a public forum held by the... More >>
18 hours ago February 24, 2017 Feb 24, 2017 Friday, February 24 2017 Friday, February 24, 2017 5:52:00 PM CST in News
KANSAS CITY, Mo. (AP) — Kansas City residents will vote in August on whether to raise the city's minimum wage... More >>
19 hours ago February 24, 2017 Feb 24, 2017 Friday, February 24 2017 Friday, February 24, 2017 4:41:00 PM CST in News
COLUMBIA - Chrystal Sadler never imagined she'd be where she is today. "My mom told me at 15 I'd... More >>
20 hours ago February 24, 2017 Feb 24, 2017 Friday, February 24 2017 Friday, February 24, 2017 4:08:08 PM CST in News
COLUMBIA – Columbia Public Schools Board of Education is accelerating the process to build the first new middle school in... More >>
20 hours ago February 24, 2017 Feb 24, 2017 Friday, February 24 2017 Friday, February 24, 2017 3:23:00 PM CST in Top Stories
JEFFERSON CITY - Up to 140 J.C. Penney stores across the country will close, the chain announced Friday. The... More >>
21 hours ago February 24, 2017 Feb 24, 2017 Friday, February 24 2017 Friday, February 24, 2017 2:52:00 PM CST in Top Stories
ST. LOUIS (AP) — For the third time since 2009, a St. Louis family is dealing with the loss of... More >>
21 hours ago February 24, 2017 Feb 24, 2017 Friday, February 24 2017 Friday, February 24, 2017 2:51:00 PM CST in News
ST. CHARLES, Mo. (AP) — Federal investigators have ruled that the fire that destroyed a suburban St. Louis country club... More >>
21 hours ago February 24, 2017 Feb 24, 2017 Friday, February 24 2017 Friday, February 24, 2017 2:40:00 PM CST in News
JEFFERSON CITY (AP) — Missouri has approved more than $54,000 for remodeling the Capitol office of new Lt. Gov. Mike... More >>
22 hours ago February 24, 2017 Feb 24, 2017 Friday, February 24 2017 Friday, February 24, 2017 1:17:00 PM CST in News
COLUMBIA - Tax-filing season is in full swing and some want to take advantage of it. The Internal Revenue Service... More >>
1 day ago February 24, 2017 Feb 24, 2017 Friday, February 24 2017 Friday, February 24, 2017 12:04:00 PM CST in News
JEFFERSON CITY (AP) — Gov. Eric Greitens has appointed two former Missouri senators and the new Department of Revenue director... More >>
1 day ago February 24, 2017 Feb 24, 2017 Friday, February 24 2017 Friday, February 24, 2017 11:46:08 AM CST in News
Columbia, MO
Broken Clouds 35°
1pm 38°
2pm 40°
3pm 41°
4pm 41°

Select a station to view its upcoming schedule:

Coming Up Next

11:30a
English Premier League Soccer
1:30p
Premier League Goal Zone
2:00p
PGA Tour Golf
12:00p
Paid Program
12:30p
Paid Program
1:00p
Heartland

Tonight's Schedule

7:00p
NHL Hockey
7:00p
Family Guy
7:30p
Family Guy
8:00p
Bob's Burgers
8:30p
Bob's Burgers
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld