I love a good parenting controversy. And the topic of how (or if) to give kids money is a big one. There are two main sides to this debate: allowance vs. commission. In the allowance model, kids are paid a set weekly or monthly rate, independent of chores or other qualifications. The second approach is a commission system, a work-for-pay system wherein kids are paid for doing chores and making other contributions to the family. And then, of course, there’s a third option: not giving kids money at all.
Links from this episode:
How Lisa Teaches Kids About Money
How Sarah Teaches Kids About Money
3 Reasons I Don't Pay My Kids an Allowance, by Amanda Hamilton Roos
Allowance by Lisa Hoelzer, Betterwayparenting.net
Smart Money, Smart Kids, by Dave and Rachel Ramsey
The Entitlement Trap, by Linda and Richard Eyre
The Opposite of Spoiled, by Ron Lieber
The Blessing of a B-, by Wendy Mogel.