Comments on: Should You Cut Your Children’s Allowance in a Recession?

By: Kids and Money

Kids and Money — Sun, 15 Nov 2009 08:11:16 +0000

Our children must EARN their allowance, no freebies!! As a single parent that was *less* than good with money throughout my youth, teaching children about money is CRUCIAL, in my mind. I’m not going to blame parents, schools, etc, but quite simply, I clearly “didn’t get it”, and I am still paying for those mistakes a decade later! And quite frankly, I hate the position I got myself in, everytime I pay off my past debts… I could have used my time/money sooooo much better.

By: Lee

Lee — Wed, 09 Sep 2009 00:50:15 +0000

I think this is a great question, and a great idea. It’s a small little thing in the grand scheme of life, but it could help teach your children a valuable lesson if they’re old enough to grasp it:

When times are good, save for the bad… because they do come and often without warning.

Hi First visit, first comment.

By: Hot News » Children Of The Recession

Hot News » Children Of The Recession — Tue, 19 May 2009 02:40:35 +0000

[...] States. Usefull Posts http://www.solomother.com/children-and-the-great-recession-of-08/…Should You Cut Your Children’s Allowance in a Recession? : WhereDoesAllMyMoneyGo.com…Recession Mania… « Rickie Weeks Brian Grant » © 2009 [...]

By: Father Sez » Archive » Links – The National Park of Malaysia Edition

Father Sez » Archive » Links – The National Park of Malaysia Edition — Sat, 25 Apr 2009 00:30:04 +0000

[...] asks a very thought provoking question. Should we cut our children’s allowances in this recession? This thought has never crossed my mind, till now. My children know I am unemployed, and whilst the [...]

By: A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com

A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com — Fri, 10 Apr 2009 04:47:55 +0000

[...] Last but not least, Common Cents Mom has a follow up post of her own after my post earlier this week on children’s allowances. [...]

By: Hollie

Hollie — Fri, 10 Apr 2009 02:04:47 +0000

Preet in a further response to this article I wrote a post about what I am using with my daughter. http://commoncentsmom.com/2009/04/10/how-to-teach-kids-about-money-every-day/

By: How to Teach Kids About Money Every Day «

How to Teach Kids About Money Every Day « — Fri, 10 Apr 2009 01:59:46 +0000

[...] to Teach Kids About Money Every Day 2009 April 10 by holliep Preet over at Where Does All My Money Go posed a really great question this week about children and their allowances and these times that we [...]

By: The Bank of Mom and Kids Allowances «

The Bank of Mom and Kids Allowances « — Fri, 10 Apr 2009 01:51:52 +0000

[...] Bank of Mom and Kids Allowances Preet over at Where Does All My Money Go posed a really great question this week about children and thier allowances and these times that we [...]

By: Preet

Preet — Thu, 09 Apr 2009 23:08:16 +0000

Also from an email:

It can make sense but it would be better if the adults cut back their spending as well, cigarettes, booze, going out for lunch cutting back on golf etc. That would reinforce the message. Also what was ever cut back form allowance, put it aside for child. That way there would be some positive reinforcement for saving.

By: Preet

Preet — Thu, 09 Apr 2009 23:05:06 +0000

From an emailed reply:

I vote for a reduction in allowance when times are tough even if the parents are enjoying no change in income. Why? The parents must be prepared for any downturn that may happen to them.

The move also underlines the fact that if we raise kids who have a sense of entitlement (like the autoworkers) we simply perpetuate the mindset that has put our economy in this predicament in the first place.

I raised four kids and not one of them EXPECTED to have a car at age 16 or lots of computers, i-pods or travel around the world. They all learned the value of reward as a result of hard work or investment of time, money or research. They did not grow up expecting GM to give them $70 in wages plus benefits regardless of how few cars are being sold. And they did not party hearty thinking that the government (other taxpayers) would bail them out or provide them with a comfortable living despite the fact that they squandered money.