Write it Up: Allowance Contracts
Are you considering giving your child an allowance? You might want to get it in writing.
What You Need to Know
There are pros and cons to giving your child his or her own money. Allowances help children learn to make spending choices. Managed properly, an allowance may keep your child from always asking you for money. But allowances may also lead to conflicts between you both about the amount or frequency of payment. And what if your child’s friends are getting more than they are?
One way to alleviate some of this allowance angst is to draw up an agreement that spells out at least these important points:
- the amount and how often the child gets it,
- what items the allowance can be spent on, and
- whether some of the money can be spent with no strings attached.
How You Can Help
Setting up an agreement will help steer you clear of many allowance pitfalls. Here are some other tips:
- Give the allowance a trial run. After a month you can both sit down and discuss how the process is going, whether the amount is reasonable, and any problems your child may be having in making spending decisions.
- Point out that the allowance agreement is between you and your child. He or she may wish to share the details with friends, but other kids’ allowances and how they work are between them and their parents. Every family is different, and you and your child have made an agreement that’s right for you. Shake on it!
For more information about issues surrounding allowances, please see the full article:
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