Today’s video is called Value for Value and was syndicated on the FinanceAndLiberty.com channel on YouTube. I wanted to post about it today because the concept of “allowance” when you’re growing up is an important one to talk about.
My parents raised me as having to help out with chores around the house. They included walking the dog each night, cleaning up after the dog by dive-bombing the pen in the back yard. Talking all my dishes to the sink when done, they lost the battle on rinsing and putting them in the dish washer. Additionally, there was mowing the lawn, cleaning my room and my stuff from around the house and shoveling and de-icing the drive way in the winter. And who can forget general yard work required when you live in an unincorporated area of the Midwest.
Now, I didn’t always get allowance and it started at $1.50 a week for those responsibilities. Plus, being in the Chicago area, there was a lot of snow and ice in the winter, but the dog still went out and pooped and in the summer despite the heat and humidity, the grass still needed to be cut.
The point to giving your child allowance is to “start early” with teaching them about responsibility and money. In my family, we had to save have of every dollar we made from allowance or received as a gift to help for college. This was an additional aspect to my specific parents’ choices that’s had a great impact on my life and my ability to save and live within my means.