Not all children need spending money but an allowance is a great way to teach them early on how to manage money. They can learn valuable skills about cost and reward and these skills will help them later in life to understand the value of money. Unfortunately it can be difficult to come up with ways to allow kids to earn money. Here we have 10 ways to let children earn an allowance. No more feeling guilty for just handing them money every week. Use these creative options to keep your kids involved and actively thinking about the process of earning and saving money!
10 Ways to Let Children Earn Allowance
This doesn’t have to be an age old argument where you eventually break down and give them cash for jobs they didn’t really do! There are so many great ways to incorporate chores into the allowance process. A great idea is to assign a value to each job you’d like done in a week’s time. Put that amount in a bag or envelope and when the task is complete they can have the money. They can earn as little or as much as they’d like by completely the tasks you assign! This gives them the power to decide their own fate where their allowance is concerned.
2. Good Deeds
Another way to encourage your child to earn a little bit of extra money is by rewarding them for doing good deeds. I’m not suggesting that you should pay them for being a good person; instead consider giving them a surprise amount when you catch them doing something good. This will not only get them some extra money, it will also encourage them to go out of their way for others!
3. Community Service
Allow your children to earn money by doing community service. Get them involved with charities that they believe in at an early age. This looks great on their college applications but also teaches them valuable life lessons about helping others. You can assign a value to a certain number of hours or you can reward them as you see fit. In either case they will gain life lessons and fantastic experience for their future.
4. Grades / GPA
If you have children who struggle to stay motivated in school an allowance may be the perfect motivator. They know they can spend money on things that they enjoy so tying academic success to a monetary reward can help keep them on track and focused. You can pay per grade or you can offer a certain amount if they hit specific goals!
Maybe you’d like to see them read more and play video games less…Offer an allowance for completing a reading challenge! They’ll learn something new with their nose in a book and you can feel good about giving them their allowance. This is a great way to get the whole family reading together as well!
Every child goes through phases some are more fun than others. If you find yourself stuck in a bad behavior stage use their allowance as a motivator toward positive changes. Encourage your child to stay out of trouble both in school and at home with an allowance amount they can only receive if they do not require discipline!
7. Money Match
If you have a motivated kid who is working hard at a job outside the home you can offer to match their funds. Perhaps offer to match up to a certain amount each week for their lawn mowing business or snow shoveling efforts! You can feel good about offering them an allowance and a bit of assistance towards their goals while they work and you’ll feel great that they now know the value of a hard day’s work.
8. Sporting Goals
If you have an athlete in the house they often have a lot on their plate even at a young age. Student athletes work hard to achieve their goals in both sports and in academics simultaneously. Offer an allowance based on sports and academics that they can earn while pushing themselves to succeed.
9. Lend a Helping Hand
Instead of allowing grandparents to give children money just because, encourage them to be helpful in exchange for an allowance. Mowing the lawn, raking leaves, even carrying laundry can be a big help for grandparents and it can offer children an additional chance for some allowance money.
10. Give it Up
There is always going to be a moment when you just feel like your son or daughter deserves the last $15 they need for that super special thing that they really need to have right now! Don’t feel guilty about being a parent who gives their child money when they ask for it politely. If you see that your child is working hard and being respectful of the system of earning, help them out without being too hard on yourself! It’s always okay to give them money but it’s especially warranted when you see that they are really doing good work to get there on their own.
Another option is to help them get started selling things they no longer use or like in order to earn a little bit more towards their new goals!
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