Stretching Your Dollar: Regulating Allowances

5 years 6 months 2 weeks 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
Embed Code Copied

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
HOLTS SUMMIT - The Holts Summit Lions Club is hosting the second annual Christmas Festival Saturday before the start of... More >>
3 hours ago December 10, 2016 Dec 10, 2016 Saturday, December 10 2016 Saturday, December 10, 2016 4:42:00 AM CST in News
COLUMBIA - Overuse injuries appear to be growing increasing common in youth sports. According to a 2015 study by the... More >>
4 hours ago December 10, 2016 Dec 10, 2016 Saturday, December 10 2016 Saturday, December 10, 2016 4:25:00 AM CST in News
JEFFERSON CITY (AP) — Missouri's outgoing Democratic Gov. Jay Nixon is giving clemency to 15 people convicted of drug-related crimes... More >>
11 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 8:50:05 PM CST in News
JEFFERSON CITY (AP) — A former director of Missouri's unemployment benefits agency has agreed to a $2 million settlement to... More >>
12 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 8:36:46 PM CST in News
KANSAS CITY, Mo. (AP) — A woman assaulted as a girl during a 1982 attack that killed her mother wants... More >>
12 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 8:27:25 PM CST in News
JEFFERSON CITY (AP) — Missouri Auditor Nicole Galloway said she's reviewing state legal payments following reports of harassment and employee... More >>
12 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 8:16:29 PM CST in News
JEFFERSON CITY (AP) — Missouri Gov. Jay Nixon will work as a private attorney at a suburban St. Louis law... More >>
12 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 7:58:34 PM CST in News
SIKESTON (AP) — Police are investigating the shooting death of a high school student in southeast Missouri. KFVS-TV reports... More >>
12 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 7:52:30 PM CST in News
COLUMBIA - In an effort to increase access to healthy food choices, the U.S. Department of Agriculture announced new standards... More >>
13 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 7:01:00 PM CST in News
BOONE COUNTY - A fire forced a family to evacuate its Boone County home Friday afternoon. Firefighters responded to... More >>
15 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 5:17:00 PM CST in News
CALLAWAY COUNTY - Prosecutors charged a Holts Summit man with multiple felonies Friday in connection to a domestic dispute. ... More >>
15 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 4:52:00 PM CST in News
COLUMBIA - Many students worry their peers won't pay appropriately for a sexual misconduct offense. A bill being introduced to... More >>
17 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 3:25:00 PM CST in Top Stories
COLUMBIA - Gov. Jay Nixon announced recently visitors to the state and tourism spending are at an all-time high for... More >>
18 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 2:35:00 PM CST in News
JEFFERSON CITY - Two men suffered serious injuries in a head-on crash on Highway 50 Friday morning, the Jefferson City... More >>
18 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 2:26:00 PM CST in News
COLUMBIA – The University of Missouri System came out with a report Thursday that shows how much the system saves... More >>
18 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 1:56:00 PM CST in News
CAPE GIRARDEAU (AP) — Three juveniles have been arrested in connection with a threat to a southeast Missouri high school.... More >>
19 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 1:32:20 PM CST in News
KANSAS CITY, Mo. (AP) — A woman assaulted as a girl during a 1982 attack that killed her mother wants... More >>
20 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 12:28:38 PM CST in News
ST. LOUIS (AP) — A jury has convicted a man of shooting two police officers during a 2015 protest in... More >>
20 hours ago December 09, 2016 Dec 9, 2016 Friday, December 09 2016 Friday, December 09, 2016 12:22:20 PM CST in News
Columbia, MO
Broken Clouds 25°
9am 28°
10am 31°
11am 31°
12pm 33°

Select a station to view its upcoming schedule:

Coming Up Next

8:30a
Naturally, Danny Seo
9:00a
KOMU 8 News Today
10:00a
The Voyager with Josh Garcia
8:30a
Dog Whisperer with Cesar Millan: Family Edition
9:00a
Dog Whisperer with Cesar Millan: Family Edition
9:30a
Dog Whisperer with Cesar Millan: Family Edition

Tonight's Schedule

7:00p
The Voice
9:00p
Saturday Night Live
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