Posted in Grade Schoolers, Parenting Culture, Tricks of the Trade, Big Kids, Tips & Hacks

Allowance for a 6 year old??

Our six year old does chores on a regular basis. I dont want to do money allowance but she is super into her baby alive. So what I'm thinking of doing instead...is teaching her that hard work will get her what she needs in a way. Instead of cash allowance I am thinking of doing baby alive things like diapers and food. This is coming from a little girl who tells me to babysit her baby while she is at school. Any thoughts or ideas?

  • Nicole
    Sep 14, 2018

    You could have her earn play money and have a “store” of baby alive things that she can “buy”. You could use it as a way to teach her money sense. The dollar store has play money.

  • Traci
    Sep 15, 2018

    I really love nicoles idea and it will also teach her to save for what she really wants instead of just getting whatever she can afford right after getting paid!

  • Kye
    Sep 15, 2018

    You could use play money that she can trade in for real money to spend in the store. We do that with our daughter so she can learn the value of money, responsibility with out the risk of losing real money

  • Alexis
    Sep 15, 2018

    I'm curious what makes you opposed to giving a cash allowance? Not that you have to, just wondering what your reasoning is. But aside from they, yes I think it's important to teach your kids about money from an early age. Teaching them to save and spend wisely by giving them the opportunity to do so is the best way! Whether you use play money or say that a certain amount of work will earn her a toy, or whatever, the idea is basically the same. I think that its important for kids to learn that money has to be worked for and to let them make a few money mistakes now when the stakes are low. If they miss out on something now because they didn't handle their weekly allowance wisely, it's not going to ruin them financially (I'm sure you are still providing all her needs). But if they are 25 and go into thousands of dollars of debt because they didn't handle their money wisely, well that could become a much larger problem that will follow them for years. My sister can't really afford to pay allowance though. So what she does is each of her kids has a chore chart and once they complete a certain # of chores they get to pick a reward. She has rewards written on popsicle sticks and kept on a jar for each kid. So there are things like a new toy, a date with mom/dad, a day/week off of chores, a new outfit, a video game (for the older kid), etc. You can tailor the rewards to your child. But its definitely good to tie money or just things she wants but doesn't need to chores in order to teach that things aren't free!

  • Kelly
    Sep 15, 2018

    Highly agree with Alexis......it’s never too early to teach kids about finance and money.....it’s important for them to see how much stuff actually costs and to not just assume everything and anything can be had because mommy or daddy has a “magic” plastic card (my nephew actually calls it that 🤯). You could definitely even do “pretend” money and when she has enough for the actual baby alive items you trade in her “cash” for the real deal. That way as her interests change you don’t have to come up with a whole new reward system. I was that weird kid that liked saving, even as a little kid....so it was cool to me to see my little allowances add up. Definitely made me realize that I couldn’t have both big things and waste my money on candy or silly little “in the moment” stuff. My two year old gets an actual allowance when he helps out, directly into a little piggy bank.....he obviously doesn’t have any idea what it is yet, but when he’s older he’ll get it to make his own choices, good and bad. :)