Get Creative with Allowance —Try These Alternatives for Kids
When it comes to allowance, there’s often a variety of perspectives among parents on what they believe is the best system for their kids. Some may choose to have expected weekly allowances, while others prefer to give an allowance based on performance and accomplishments. Some parents are opposed to the idea of financial rewards altogether and prefer to use something other than cash to reward and motivate their kids with.
Whatever your personal preference is, having an allowance system can be a great opportunity to teach your children finance fundamentals at an early age. Whether you’re on board with a weekly cash allowance or are looking to shake things up, you can find some inspiration for allowance alternatives with these fun printables designed by CreditRepair. There’s something for everyone—whether you agree with financial rewards or otherwise, the printables include both paid and unpaid allowance ideas so you can use whatever best suits your child and your unique parenting style and goals.
Paid Allowance Alternatives
Paid allowances can be great for teaching children the value of a dollar and providing them with the experience of earning their own money. The ideas below all share the same common denominator, which is that the money is earned—not just given on a regular schedule.
Paid Chores
While the idea of paid chores certainly isn’t new, they do provide an opportunity to sit down with your child and decide together how much each chore should be worth. This helps them grasp the fact that while some tasks require more effort than others, the reward for them is greater, too. You can implement this allowance system with kids as young as 2-3 years old, using simple chores such as putting toys away or placing dirty laundry in the laundry basket instead of the floor.
Budget Management
Using an allowance system that includes a kid-friendly budget management aspect is a great way to teach kids about the responsibility that comes with earning their own money. You can make it fun at home by creating spend, save and share mason jars. Every time they get their allowance, they can decide how they want to use their money and distribute it across the different jars. Use the spend, save and share printables in this post for mason jar labels to use, plus a budget tracker to help your child keep track of what they have contributed in each jar!
Rewards Tracker
You can shake up your allowance system at home by implementing a reward tracking system to encourage your child to complete their chores, strive for good grades at school and reach other important milestones. You may choose to use a financial reward, or you and your child can discuss alternative reward options, such as a special dinner or a trip to the movies.
This type of system creates motivation for your child to be the best they can be in multiple aspects of their life. The printable fill-in-the-blank rewards tracker featured in this post also serves as a great visual reminder of what your child has accomplished, and keeps them excited about maintaining their momentum.
These are just a handful of allowance alternative ideas you can try at home with your kids. Be sure to check out all the printables to make your allowance system a fun and interactive experience for your little ones, and most importantly, take advantage of the opportunity to instill smart money habits in your kids while they’re still young!