Like many folks, my parents gave me an allowance when I was young. I had chores around the house and extra projects I could take on. It was a pretty sweet deal, especially since CD's had just made an appearance on the market and I'd save for weeks to hand my hard earned money over for one. A recent article about allowances piqued my interest, especially this piece of advice: you should stop calling it allowance!
The article by Linda and Richard Eyre can be found online at the Desert News. Maybe you're a new parent and could use some helpful tips or you're looking to revamp your current system. Here are a few of the tips from the piece:
1. Calling it an allowance in the first place. "Allowance" is a welfare term. It implies that someone (parent) is allowing someone else (child) to have some of the parent's money. The term itself is the antithesis of earning and owning.
2. Doling it out with no connection to work or performance. What worse lesson could we teach our kids than "something for nothing"?
3. Making it a fixed rather than a variable amount. This implies that "what you do doesn't matter, because you will get the same thing no matter what."