Teen Allowance By Tarilla Edet
Ordinarily, children should help out in the house but the more complex chores should attract a reward; in this case, money.
Teach them a craft that will help them earn some money. The motive here is not the amount of money generated from the venture but the sense of accomplishment and responsibility that comes with it. It also cultivates an entrepreneurial spirit from an early age which will serve them well in life.
When you engage teenagers in money making exercises, you are giving them the opportunity of trying out their independence; they are learning money management.
Open a savings account for them so that they can learn to save. Agree on a certain amount that goes to the bank monthly or as the need arises; weekly or bi-monthly.
Teach them the beauty of generosity. As they earn more money, encourage them to share with people around them. Let them realize that money is not to be worshipped but to seen as a tool in achieving certain things. For example, when they earn money and are thus able to buy gifts for loved ones or give to the less privileged, you have taught them the importance of making money. Everything we do as parents rubs off on our kids so, do the things you want them to learn.
They are looking around at their peers and trying to figure out what everyone else has. Teenagers are constantly asking Mom or Dad for cash or “borrowing it” (how many of us have stopped for a drink, thinking we had N500—only to find an empty purse?) The beauty of earning their own money is that they spend more carefully because they worked hard for the money; it was not handed to them on a platter of gold.
Another advantage is the fact that they learn how to balance an account and budget their expenses. This is a great life skill and it is best to teach them early while they are still under your roof.
Determining the amount of pocket money will have to be worked out according to what each family sees as the best option. It helps to keep an account of your teenagers’ expenses for a probation period to have an idea of what his/her needs are and what you as parents can afford. This amount can be reviewed as they grow older.
- List basic daily/weekly/monthly needs; snacks, stationery, personal care items, clothes and so on.
- List those needs in order of importance.
- Also list a few leisure/entertainment needs.
- Make a final list with the highest priority needs coming first.
Your teen will benefit from your help in learning money-management skills. The earlier a teen is held accountable for staying within a reasonable budget, the better the chance of avoiding financial catastrophe when he or she leaves the nest and goes into the world.
