This is really one of those things I'd like to get straightened out, but instead we've been all hurky-jerky about it. We like the idea of giving our kids money so that they can learn how to manage it. You know, so they long for that special something but experience the heartache of realizing they shouldn't have bought those crap-toys in the dollar section at Target because if they hadn't, maybe they would have enough. Yep. We want them to feel that heartache goooood.
It's been our (inconsistent) practice to give Sam $2 a week. One dollar is his to spend and the other dollar gets divided in two, fifty cents going to church and fifty cents going to savings. Birthdays and Christmas give his earnings a boost and happen to fall close together.
Here are our dilemmas...
1) We routinely forget to give the allowance because a) we're forgetful and b) we don't always have cash on hand (unless we've just sold some eggs).
2) We like the idea of letting him/them (we need to start including Sadie in this) learn to manage their money, but it is oh, so stinkin' hard to watch.
I can't tell you how much I struggle when he's finally saved up a few dollars (or has gifted money) and he buys something just for the sake of buying it when we know he's just buying it for the sake of buying it! Does this drive anyone else crazy?!
I mean, sure, he'll learn a lesson...maybe. Sure, he'll remember how it fell apart two days later and make a smarter choice next time...NOT. So, what do you do? Seriously. I want to know what you all do. Do you face the other direction and let them spend willy-nilly? Do you have some sort of allowance mechanism that gives you some control and more of an ability to guide their spending? How much do you pay for what ages? Is the allowance tied to chores or independent of them?
Please. We could really use some ideas here. Part II may come along after we've mulled things over and decided on a plan of action. I'm thinking you all are going to play a major role in this. Don't tell Sam.