Allowance Do's and Don'ts
A regular allowance can help your kids learn the vital importance of saving. Here's what you need to know.
- DO give the allowance on the same day of the week, every week.
- DON'T tell your child how to spend the allowance money. That defeats the purpose: teaching financial decision-making.
- DO base the amount of the allowance on the realistic spending needs of the child at that age.
- DON'T pay your child for cleaning her room, completing homework, and so on. Everyday chores should remain separate from an allowance.
- DO build your child's money confidence by praising good money-handling habits and decisions.
- DON'T tie the allowance to grades. Most children with ADD feel enough grade pressure as it is.
- DO provide opportunities for your child to earn extra money by doing jobs around the house.
- DON'T criticize poor spending decisions. Discuss them with your child, and let him deal with the consequences of his decisions.
- DO set a good example for your child through your own financial planning and responsible spending decisions.
ADHD and Money,
Organization Tips for ADHD Kids
No judging! No doubting! Just understanding!
Join ADDConnect's support groups for parents to discuss discipline challenges, school solutions, treatment options and much more.