Jean Chatzky: Kids and Allowances
Jean Chatzky is the editor-at-large
for Money Magazine and serves as AOL's
official Money Coach. She is the financial
editor for NBC's Today Show and often hosts
a series of money minutes, "Talking Money
with Jean Chatzky," on CNBC. Jean is a columnist
for Time Magazine and USA Weekend
magazine and is the author of four books,
including the best-seller, You Don't Have
to Be Rich. Her latest book is PAY
IT DOWN: From Debt to Wealth on $10 A Day.
Jean graduated from the University of Pennsylvania
with a BA in English. She was born in Michigan and
raised in Wisconsin, Indiana and West Virginia.
Now, Jean and her family call Westchester, New York,
home.
Jean Chatzky Article Archive
|
|
|
|
Some families don't believe in giving allowances to kids, but I do—with certain restrictions. I think an allowance should come like a paycheck, on the same day each week, so that kids can begin budgeting mentally. You may, for example, say no to all requests for candy in the drug or convenience store, but a child with an allowance will know that he can pay for his own treats once a week. I don't believe in paying for good grades or for anything else that is the child's responsibility as part of the family (making his bed, tidying her room). Parents often start with 50 cents or $1 in kindergarten or first grade and give a raise of 50 cents or $1 each year. But it really depends on what you expect your kids to pay for—at ages six to eight they might be expected to pay for their own trading cards, for example. At ages 10 to 12, they might be expected to pay for a movie with their allowance. But if you expect your kids to put part of their money away for college each week, or to give a certain percentage to charity, you'll probably want to give them more.
© 2005 Jean Chatzky. For more Jean Chatzky articles, see www.jeanchatzky.com.
Back To Top
 Discuss this topic in the Spouse Forums
|
