Stretching Your Dollar: Regulating Allowances

7 years 1 month 3 weeks ago Tuesday, May 24 2011 May 24, 2011 Tuesday, May 24, 2011 8:44:00 PM CDT May 24, 2011 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 - An arrest for suspicion of filing a false report has been made in connection to a reported robbery... More >>
31 minutes ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 11:44:28 PM CDT July 17, 2018 in News
CALLAWAY COUNTY - After four days of searching, Jerry Kinman has been found dead near Little Dixie Lake. Kinman,... More >>
1 hour ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 10:19:00 PM CDT July 17, 2018 in News
STURGEON - The carnival rides at the Boone County Fair closed unexpectedly just hours after the fair opened because they... More >>
3 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 9:00:00 PM CDT July 17, 2018 in News
COLUMBIA - A democratic candidate for Missouri's fourth congressional district criticized the Republican incumbent Tuesday for her lack of action... More >>
5 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 6:46:00 PM CDT July 17, 2018 in News
COLUMBIA - The Columbia Chamber of Commerce harshly criticized the city council at Monday night's meeting regarding projects being put... More >>
5 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 6:41:00 PM CDT July 17, 2018 in News
COLUMBIA - Hy-Vee recalled its Spring Pasta Salad from 244 stores on Tuesday. Company officials said 20 illnesses by... More >>
6 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 5:54:00 PM CDT July 17, 2018 in News
MEXICO - Josh Hawley faced questions about President Donald Trump's summit with Russia as well as tariffs facing Missouri farmers... More >>
6 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 5:31:00 PM CDT July 17, 2018 in News
BOONE COUNTY – Expecting mothers in Boone County will soon have more services at their disposal. The county received... More >>
10 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 2:16:00 PM CDT July 17, 2018 in News
JEFFERSON CITY - The Grain Belt Express Clean Line, a proposed energy transmission project through northern Missouri, got new life... More >>
10 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 1:59:00 PM CDT July 17, 2018 in News
ASHLAND - A child identification program wants to help parents be as prepared as possible in the event that a... More >>
10 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 1:41:00 PM CDT July 17, 2018 in News
JEFFERSON CITY - Nineteen agencies received more than $115,000 in grant money Tuesday from the United Way of Central Missouri.... More >>
12 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 11:56:00 AM CDT July 17, 2018 in News
COLUMBIA - Some people may notice their trash laying out on the curb for longer than usual on Tuesday. ... More >>
13 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 11:12:00 AM CDT July 17, 2018 in News
COLE COUNTY - A car chase which started in Cole County on Tuesday ended in Columbia with two arrests. ... More >>
13 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 10:22:00 AM CDT July 17, 2018 in News
JEFFERSON CITY (AP) — The group fighting a ballot measure that would make Missouri a right-to-work state has outraised its... More >>
13 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 10:17:30 AM CDT July 17, 2018 in News
KANSAS CITY (AP) — Authorities say two planes carrying more than 250 passengers made emergency landings at Kansas City International... More >>
14 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 10:11:34 AM CDT July 17, 2018 in News
COLUMBIA - Police records related to the shooting death of Rovon Blocker suggest the incident appeared to be accidental. ... More >>
14 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 9:39:00 AM CDT July 17, 2018 in News
CALLAWAY COUNTY - Three Fulton men are in custody after being charged with stealing and drug offenses, in connection to... More >>
15 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 9:01:00 AM CDT July 17, 2018 in News
FULTON - A judge sentenced a man convicted of a dozen sex crimes, some involving children, to sixty years in... More >>
16 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 8:05:00 AM CDT July 17, 2018 in News
Columbia, MO
Broken Clouds 74°
1am 75°
2am 74°
3am 73°
4am 72°