Shannon Philpott

Allowing Allowance

Published July 2011: eHow Family & Relationships

Allowing Allowance
Teaching Children Responsibility One Dollar at a Time

Article Excerpt:

When Danny Payne was a child, he would go to the store with his parents and find a toy he just had to have. Although many parents give in and fork over the cash to please their children, Payne’s parents reminded him of the long list of chores posted on the fridge that would allow him to earn the money to buy the toy. “I can remember that mowing the lawn paid $1.25, which I’m sure violated child labor laws because our Midwest lawn was huge,” said Payne, a California-based certified financial planner.

After a week or two of mowing the lawn and checking off chores on that list, Payne began to value his earnings and decided that the toy he just had to have wasn’t necessarily worth the money. Payne learned a valuable lesson about managing his finances and prioritizing his wants and needs.

July 14, 2011 - Posted by sphilpott | Feature Stories, Magazine Writing, Sample Work | allowance for children, how much should allowance should i give my child, money management, parenting, teaching children about finances