|Kt Ann's photos on Flickr|
Last week, I shared some tips for setting up an allowance system. After reading this, Thad (from Thadthoughts.com) asked a very thoughtful question in our comments section.
What do you do when your teenager actually begins to earn some money through babysitting or other jobs?
Thad raised a great point. There are many articles and books written on the pros and cons of giving an allowance to your child. Heck, I have written about it several times myself! One often overlooked aspect is determining when to stop giving the allowance. It is important have a clear exit strategy so that everyone (parent and child) is on the same page.
Determining when to stop an allowance depends on the overall purpose of the allowance.
- If the purpose of the allowance is to teach budgeting for some of their basic needs, then the allowance should continue for a longer period of time. Some parents give their teen a bigger allowance but put the teen in charge of buying their own clothes, school supplies, gifts, haircuts, etc. This concept is described wonderfully in the No Cash Allowance by Lynne Finch. She refers to this type of allowance as a Spending plan and gives practical tips for using this method with kids and teens of all ages.
Ultimately, the decision to end an allowance is different for each family. However, if you have a clear purpose for the allowance initially, it will help you determine the appropriate time to bring it to a conclusion.
Do you give your child an allowance? When did you decide to end it? Please share your thoughts.