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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]0.

you ALLOW them to live rent free. you ALLOW them to eat free food. you ALLOW them to have free clothes. you ALLOW them to get a free education. you ALLOW them to have free trips/extra-curriculars.

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So much for teaching financial literacy.[/quote]

they will learn when they earn money through their own labor as teens.

I am not against my children getting money, i'm against them getting an 'allowance'.

They will learn (and I will teach) them financial literacy when they earn their pocket money from part time jobs/baby sitting/yard work/internship's, etc.[/quote]

I also don't give an allowance but I'm not as, um, tough as these folks. I do think of allowances for kids as simply paying them to exist and I'm not into that. But I also don't think they have to wait until they have jobs outside the home as teens before they get and learn about money.

My daughter has gotten payment for doing specific chores for some years now. She does NOT get paid for chores that are just part of keeping the household going day to day; I don't believe in that either, since everyone has to pull his or her weight in any household. But I do pay her from $1.00 to $10.00 or so, maybe once a month, for specific, larger chores that aren't everyday ones but which I might need done on a case-by-case basis. Examples are clearing out the pantry, going through all items, tossing stuff out, and restocking it neatly; or doing the same for the linen closet; etc. (It's worth noting that she's going on 13 and can handle these large things on her own, and works well at them. Not sure how this system would work for a younger kid.) I don't invent chores just to give her money but I do think about whether some tasks can be left to her so that she gets paid and I can be doing other things.

She also is careful with the money she get as gifts from relatives and knows just how much she has and what she plans to do with it. I think kids do need to learn financial literacy starting early, but I don't think it's essential that they be handed a cash allowance weekly just to learn that. My kid is responsible with her money and very aware of what she's got and what she needs to buy certain things, yet she's never had any allowance but has a good amount she's saved from gifts and the paid "special" chores. Many kids get monetary gifts at holidays, birthdays, other occasions -- that's a good starting place for teaching them to hang onto that cash.[/quote]

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