Giving Your Child an Allowance

Should You Give Kids an Allowance?Giving Your Child an Allowance

Is anything in the world of finance and parenting more debated than this – should you give your kid an allowance? Will it turn them into lifelong moochers or teach them valuable budgeting skills. In the Rich Mama’s humble opinion an allowance is a good tool for younger kids, when used as a way to regulate the “I want that’s…” Since children this small really do have a hard time doing jobs to earn money, an allowance can be a great way for them to learn to save up for that pack of gum or special toy.

According to some financial experts, giving your child an allowance is one of the best ways to instill solid financial skills in their young brains. Compared with a “pay as you go” policy, where you pay for what your child wants when he or she wants it, a weekly allowance can help your child better understand that money must be earned before it can be spent. This is a lesson your child certainly needs as an adult.

In addition, older kids are more influenced by their peers, especially where spending habits are concerned. Don’t forget you also have to contend with television commercials, radio ads, and other forms of media selling, selling, and selling. Managing an allowance at a young age will help your child more quickly grow accustomed to spending limits and restrictions.

What’s important if you’re going to give an allowance is to discuss what’s covered by the allowance. In other words you might not expect your kids to pay for their whole back to school wardrobe with their allowance, but if they want to go to the movies with friends, this might be an allowance item. Just make sure you and your partner sit down and discuss what you think you should be paying for versus what your kids should pay for with their allowance.  And then when you and your spouse are on the same page, then go start to negotiate with your kids.

Chores, Smores

With older kids, there are some families who have them do chores in exchange for an allowance. On the one hand this teaches the principle of now worky…no pay-ey…On the other hand moms and dads do a lot of crap around the house without any expectation of allowance, and if you’re teaching your kids that if they make their bed and get a dollar, then what happens when they’re on their own – and no one is giving them a dollar.

With older kids I favor the approach of chores that need to get done no matter what, plus a base allowance, plus an opportunity for kids to earn money doing extra jobs around the house. For instance if there is a job you would outsource, then consider paying your child for it. It could even be cooking a meal a week if it stops you from ordering takeout.

 

How Much is Too Much

So, how much allowance should you give your child? You can determine the amount in a variety of ways. Some parents and financial experts suggest one dollar for every year of age. Others say to set the amount based on how you expect your child to use the allowance, providing enough money to put in a savings account, give to charity, and to spend. Still others suggest giving your child an amount based on what other kids receive around the same age.

Whatever you choose, give it some thought, talk to your spouse and your child about a realistic amount, and start low rather than high. It’s always easier to increase a child’s allowance than to give him less because you started out giving too much.

As your child grows and matures, an allowance will help teach money management skills and develop responsible spending habits. Simply buying what your child needs and wants doesn’t allow the same learning opportunity. Giving an allowance may be a trial and error process for your family, but it’s one that is well worth the effort and learning curve. It will teach lifelong skills that your child will need—and thank you for—when your child becomes an adult.

10 Reasons Money Isn’t Everything – Or Is it

10 Reasons Why Money Isn’t Everything

 

Money Can't Buy HappinessIs money what it’s all about?  Have you ever wondered after your or your partner – or both of you spend at least eight hours a day working, striving to earn a decent income to support your family, provide for your needs, and (hopefully!) have something left over to fulfill a few desires,  – if this is it? Are we just meant to be money making machines? Well a Rich Mama knows there has to be more to life than just money, so here are 10 reasons why money isn’t everything. Read them, take a deep breath and chill.

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1. Family

 

While money can help your family to have the things they need and want, money can’t give you a family, grow your family, make your family healthy, or even give your family lasting happiness. Family togetherness and love depends on time spent, not money spent. So figure out ways to spend time with your family without spending money together – play a board game, go for a picnic lunch, watch a movie together – at home, play charades.

 

2. Health

 

Sure, money can pay for doctor’s visits and prescriptions, but even the wealthiest folks in the world know that money can’t buy you health. And money can’t replace or remove poor health or disease. Choose nutritious food and go out for a daily walk for exercise. Those two things don’t cost a lot and go a long way to “buying” you health.

 

3. Happiness

 

Money may provide things that can make you happy for awhile, but real, lasting happiness can’t be bought. It’s something that comes from contentment within.  Knowledge and confidence in who we are and a purpose in life is true happiness. Money can’t buy that.  I’ve always felt that money in the bank (not in the new pillows on the couch) is a much better way to provide happiness. Instead of focusing on what you have, imagine the money in the bank, just sitting there – bet that’s a stress buster.

 

4. Faith

 

You hear people talk about their faith in many different ways, and we do have faith in different things, but have you ever heard anyone claim to have faith in money? Probably not. While money may give us a sense of security, it can also fail us, and often does. Money let’s us down. Faith in something greater than ourselves, however, won’t.

 

5. Peace

 

It’s a well known truism that money can buy you a bed, but it can’t help you sleep. While money can provide things you need and want, it can’t alter your state of mind enough that you have lasting peace. That’s something that comes from within and money will never provide it.

 

6. Purpose

 

Regardless of what some may think, money – or acquiring it – isn’t the purpose of life. We are taught early on that the love of money is the root of all evil. It’s important to read that very carefully; the LOVE of money is the root of all evil, not money itself. Money is just a tool with which to build a life. Making money your purpose for living is dangerous. Find a purpose in your life that fulfills you and gives your life meaning.

 

7. Joy

 

While some equate joy with happiness, they are really two different things. Happiness is the bouncy feeling that comes along when something pleasant happens in our lives. Happiness can be as simple as an ice cream cone or a good book. Joy, on the other hand, is a deep-seated contentment that nothing can take away. And money certainly can’t bring joy into our lives. Money is superficial. Joy goes deep.

 

8. Personal Growth

 

Life is a process of personal growth and learning, and while money may provide the opportunity for that growth, it will never be able to provide the growth itself. Learning and growing come from a change within us not from the cash in our bank accounts, or the limit on our credit cards. Constantly learning new things opens our life up to new possibilities, new horizons. Money cannot open up our mind.

 

9. Love

 

Love is truly the greatest gift of life; the love of a child, a parent, a spouse, a sibling, or a friend. Love is what drives the world, and that drive should never be the love of money, but rather love for people. That’s what will bring real, lasting joy. Isn’t that what we’re all seeking? Money can’t buy love. Simply said and very true, indeed.

 

10. Money Can’t Buy Everything

 

While you can buy material things, pay for health care, even “buy” some people, there are things money can’t buy. Money can’t buy family, health, happiness, faith, peace, purpose, joy, personal growth, or love. Look at the hundreds of lottery stories; people who’s dream has come true, they are instant millionaires. Look at what happens to 99.9% of these people and I dare you to tell me that money is the answer to all your problems.

 

Money is a great tool and one that we all need to provide a good life for our families. But money is not the be all and end of life. Money is simply a tool. One that will help fashion life, but not create it. Next time you get caught in the money trap, take a few minutes to remember what in life is REALLY important. Your loved ones will be glad you did, and so will you.

Your Romance Reviews

Hi All,

 

Thanks for being part of the advance reader team for Andrea Stein’s new romance novel… here’s the book in different formats for you to download.  Just right click on the link and select “Save As”.

If you need the Kindle software for your phone on computer, please check out this site.

And when you’re done and you enjoyed the book, please consider leaving a review for it at: http://www.amazon.com/Rough-Harbor-ebook/dp/B009HIP4RA/        By Feb 10th, in time for our Thank You Party on Feb 14th…

Just scroll down the page and click on the Yellow Button that says “Write a Customer Review”

Thanks so much…and we’re doing a Thank You Party on February 14th with lots of goodies to say thank you to those who wrote a review – so keep an eye on your email!

Many Thanks,

 

Andrea

Files

PDF VersionRight Click and Save As to Download

MOBI/Kindle Version – This is in a zip file – you just need to unzip it after you Right Click and Save As to Download

ePub – This is in a zip file – you just need to unzip it after you  Right Click and Save As to Download

If you have any difficulties, please email: andrea@girlmogul.com for help…
Thanks again!

 

Real Kid Friendly Entertainment

Hi RichMamas – this just came across the wire, and I thought it was important (this is as I watch yet anohter Disney Channel original movie, Wendy Wu – Homecoming Warrior – with the kids).

When was the last time you saw a G-rated movie?   Kenn Viselman, the creator of The Oogieloves in the BIG Balloon Adventure (due out “Oogust” 29th) believes in the The Power of Mom. So much so he and his team have been traveling around the country engaging bloggers in conversations about what constitutes quality G-rated entertainment. Other than a few wildlife documentaries and a re-release in a popular children’s movie in 3-D, Hollywood has completely ignored the youngest moviegoer. The best they give us for our kids – animated PG films – are loaded with aggression and bloodshed.

 

Moms: You have the power to change what Hollywood pushes on your children. In fact, there is no voice more powerful than yours. You control the home, the family budget and your child’s welfare. Aren’t you tired of watching moms die in the first ten minutes of so many animated movies? Aren’t you tired of seeing your children confused by the aggression towards their beloved movie characters? There’s no place for such violence in a children’s movie. Enough is enough.

 

It’s this “enough is enough” attitude that got Kenn Viselman, the marketing genius who introduced us to Teletubbies, Thomas the Tank Engine, Noddy and Eloise, mad as h*ll. The end result: The Oogieloves in the BIG Balloon Adventure, a film that reinvents the movie-going experience. This film – basically a movie and a live show rolled into one – is the first-of-its-kind interactive family musical that encourages the audience to get out of their seats, dance, and sing. Visual and auditory cues invite the audience to “move” the action along, allowing parents and kids to interact not only with the characters, but also with one another.

 

The story follows the Oogieloves – Goobie, Zoozie and Toofie – as they prepare for a surprise birthday party for their friend, Schluufy. When their guardian, J. Edgar, loses the last five magical balloons in all of Lovelyloveville, the Oogieloves take action. Along the way, they meet Rosalie Rosebud (Toni Braxton), Dottie Rounder (Cloris Leachman), Lola and Lero Sombrero (Jaime Pressly and Christopher Lloyd), Milky Marvin (Chazz Palminteri), and Bobby Wobbly (Cary Elwes). The movie opens in theaters “Oogust” 29th.

Financial Downloads

Here are your RichMama Downloads

Budget Worksheet Right Click and Save As

The Power of Compound Interest Right Click and Save As

 
Download your pdf version of a Sample Spending Diary: here

Download your pdf version of a Sample Budget Worksheet: here

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