So, the kid gets an allowance now, and you are wondering what things you should and shouldn't pay for since they are starting to get some income? I'm in the same boat as you as my teen is now getting an allowance and I was also torn about the same topic.
What should we, as parents, stop paying for once our kid gets an allowance?
Let's talk kids allowance for a minute, though I will say that with my child's allowance are done differently, and I realized that many parents out there have different feelings about it. How your child gets paid is your business, and no one should tell you how to run your allowance program. But if you are looking for ways to make your child more responsible when it comes to money, then allowances is an excellent way to start.
Teaching your child about money is crucial. It can teach your kids about more than just money if done correctly. Meaning rewarding a child with money every time they do something that they need to be done might not be a great example. An allowance is to teach children not only about money but responsibilities.
Also, it is also an excellent way to teach your kid about giving. An example to teach your kids about money will be to have 3 jars labeled:
Once a kid gets an allowance, it will a great way to use these jars and give them an example of what an adult budget would look like. This will also reflect good values that you want to install on your kid as he continues to grow.
Before I keep going about kids allowance, read more about kids allowances in this post here. Let's continue to the top 5 things parents shouldn't pay for once their kid gets an allowance.
5 Things You Shouldn't Pay For Once Your Kid Gets An Allowance
If your child wants to get an extra treat in the store or school, this should come from their allowance.
Phone Data Plans
As your child grows and the teens years come, phone data become no joke. Is like they live just or the phone and data plans, especially when you have a family plan can be costly. If your teen wants more phone data, then they should pay for it with their allowance. If you are looking for an affordable cell phone plan, read this post.
During the school year, kids have book fairs that offer books and treats at an affordable price. This is a great opportunity to teach them to use their allowances to get something they want.
Even go shopping and your child wants a toy? Once your kid gets an allowance then explain to them that if they want a particular toy during a normal shopping trip, then they must pay for it with their allowance.
School lunches are expensive unless you don't pack your own lunch. As they grow so does their appetite which will increase the cost of groceries, if your child wants an extra something for lunch, have them pay for it with their allowance. If you are paying a certain amount and they want more, then using their allowance money is the right thing to do.
I am pretty sure that there are other things you should stop buying for your child once they get an allowance but these five will give you an idea. As parents, we are to provide for their needs and using the allowance system to teach them about money and responsibility is a step in the right direction. Not paying for everything your child wants makes you a bad parent, remember that.
Once your kid gets an allowance what things did you stop paying for?