Should your Teen Still Get an Allowance?

To answer the question, should your teen still get an allowance, you would have to start from the time they were toddlers. Children receive monetary gifts for birthdays, holidays, and graduations. Hopefully, they have put this money away for their college education. However, parents teach responsibility to their children by setting up an allowance structure for completing chores, taking out the dog, helping with laundry, or cleaning their room.

An allowance, these days, may average $1.00 to $5.00 depending upon the chore completed. A child may put the money in their piggy bank and eventually, with the parent’s help, open up a bank account. Eventually, as the child grows, your teen may ask to use the money to buy an electronic toy or CD or a more expensive item such as an iPod or XBox. If you’ve taught your child the value of money by example, your teen not be so inclined to buy every new gadget which comes out.

If all of the prerequisite components of teaching responsibility on how to handle money has taken hold, then there is no need to continue with the allowance structure per se. It may be more prudent to undertake a new level of responsibility, which is to provide that which the teen needs more than wants.

While some teens apply for summer jobs to help them with expenses, others may not. Does this mean the family bank is still open to them? Hopefully, not. If your teen wants to buy the latest gadget, the best way to handle it is to lend the money, and explain the terms of the loan. This is the only way your teen will understand the value of a dollar, and will come to terms with the fact that you will not simply shell out money every time your teen asks.

While there are some teens that scrimp and save, others see money as an opportunity to buy the latest fashions, including sneakers - which cost a bundle to begin with. So too, fashion sense and peer pressure go hand in hand. Consequently, your teen may begin to withdraw money from the savings account. But, at some point, your teen will run out of money and come running to you.

Here is when you have to be firm and adamant in your assessment of your teen’s needs, and discuss financial responsibility in an open and honest forum. Once your teen understands the terms under which you will honor the request, your teen may not be in such a hurry to buy an expensive item the next time.

Should your teen still get an allowance? Honestly, no.