Show Me The Money!

Mom! Can I have this? This is something my parents were constantly hearing from my sister and I before we started getting an allowance. Now the question here is whether or not children should get an allowance? In my opinion, I think children should get paid a weekly, or monthly allowance for doing chores around the house. Such as keeping their room’s clean, laundry, dishes and whatever else they are capable of doing. Sooner or later they will become adults and need to learn how to earn and spend their money in a wise way. An allowance is a way of teaching children responsibility, independence and most importantly money management.
By giving your child an allowance, it will teach them responsibility. This is something every child needs to learn to be successful in life. If giving your child an allowance depends on whether or not they finish their chores, they will learn that skipping them doesn't pay. It will also teach them that the only way to get money is to earn it. Some kids need the motivation to get their work done. If the allowance is like a paycheck, then most kids would be more willing to take out the trash and complete whatever other chores they may be assigned. Having a good sense of responsibility will later help children, especially when they are in the process of getting a job. It would also help children realize, things won't be handed to them on a silver platter, which will help them be more motivated to get it for themselves.
An allowance is also a wonderful way to teach children independence, by giving them complete control over something and enabling them to make their own decisions. Children will learn to save for what they want, by putting their money towards his or her own goals. Instead of getting money on demand whenever they need it, children with regular allowances can learn to plan ahead, and make informed choices about what's most important. Letting children feel independent is very important in boosting their self-esteem. Being able to have control over their allowance can teach them what it takes to survive, and how to think for themselves.
Lastly an allowance can teach children how to manage money, make wise spending choices, save, and be generous toward others. Giving children a regular, monthly or weekly allowance is a great idea because it consistently reinforces the idea that they have a budget, and they need to find a way to fit their weekly or monthly purchases into that budget. This will help them realize that if they spend it all at once, they would need to wait an entire week or month depending on how often they get paid, until they have money again. When children pay for things out of their own pockets, they are much more selective about their purchases. When parents are paying for their things, they want to buy everything in sight, but when it comes out of their own allowance, they think twice before buying an item. Money management is vital to a child’s future. There is always a better chance, if children start learning how to manage their money from a younger age they will be able to save money and use it more wisely later on in life. In conclusion, in order for children to be successful in the future as adults, parents would have to teach them that there are consequences to every situation whether it be good or bad. Children with allowances can grow up to be responsible and independent adults that will be able to manage, spend and save their own money in a wise way.