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Hybrid Allowances Can Teach Kids to Budget and Be Creative
As parents, it is our obligation to teach kids about money before they leave our home.
Growing up, I didn’t know what allowance was. That word was not spoken in my home nor was it practiced. If I needed money for school or essential clothing, I asked my parents and if they had it they gave it to me.
My basic needs were met so I don’t remember longing for money.
Unfortunately, when I became an adult, I had no idea how to manage money. As soon as I would cash my check, the money was gone. I didn’t know about saving, budgeting, or investing. At that time, I was getting paid once a month. The last week was so hard. I literally had finished my check by then, so I used credit cards to get me to the next check.
It took me a long time to learn how to handle my money. I made banks rich in my early 20’s via overdraft fees, forgetting to pay credit cards and only paying the minimum payment most of the time.
When I think about what my parents could have done to help me be better with money an allowance comes to mind.
Hybrid Allowance Model
There are many models on how to give children allowance. You must do your research and find what works for you.
