BLOG: Should I Give My Child an Allowance?

by Aaron Weintraub

No amount of allowance is too small to start teaching financial literacy.

One of the things that we wish for our children is for them to be as responsible (or more responsible) with money as we are. Giving your kiddo an allowance is a great teaching opportunity, and can ease the pain point of them asking for new and different toys. No amount of allowance is too small to start teaching financial literacy. When you give your child their allowance, this is a great time to talk about principles of saving, spending, and giving. I know some families that have their child keep separate envelopes for each purpose.

I strongly recommend that once you give your kiddo the money, you honor their choice of how to spend it. All of their choices, including poor choices and choices that provide only short term gratification are opportunities to learn lessons about needs versus wants and short term vs long term payoffs.

I also strongly suggest that you not tie allowance to household chores. As important as it is to learn about honest pay for honest work, it's equally important to learn that some things are done just because you are part of a household without the expectation of reward.

Aaron Weintraub
Written by:

Aaron Weintraub

Aaron Weintraub has been working with children and families with special needs for more than ten years. His philosophy of practice is based on respect for individuals and a deep belief that every child can thrive if shown respect, affection, and trust in their innate abilities. Groups focus on building the resilience and confidence that will allow your child to make and keep close and meaningful relationships throughout life. Aaron Weintraub is the author of five peer reviewed publications and three books on Autism including: The Spectrum Manifesto, We Are the 1.01%, and The Big Shrug. Aaron was a Cunningham Fellow at Virginia Tech, and has been awarded the Moran Scholarship, the Margaret Barnes Intergenerational Scholarship, and the Mattie J. T. Stephanik Caregiver Award. His biggest and most important job remains helping to raise his two children.