Kids and Money - Given or Earned?
We have never given our children an allowance. Handing over cash for doing nothing makes no sense to us. Sometimes they would receive money as a gift from a relative, and they would learn to spend it wisely, save it, or do a little of both.
As they became grade-school age we did start to pay for grades on the Report Cards. It wasn't a lot, but to them it meant the world. They have always worked hard to obtain outstanding grades. Yes, getting the good grades is an accomplishment in itself, and the money is like a bonus.
The older they get in school, and the harder the classes become, the more the letter grades earn. We only pay for A's and B's, with a significant difference in the two. And as they hit the High School years we give an additional bonus for a Report Card with All straight A's, or a mix of A's. No bonus if there are any B's.
Some of you are thinking we are way off base. Perhaps you think we are overly pushy with our children and their grades. Is life going to be any easier on them? Will they not be pressured in their jobs to do their absolute best? When they are adults is someone just going to magically hand them cash once a week, for doing nothing?
One of the best results is our kids are A students. Our son was #1 in his class of 400 for his Sophomore year, and #2 in his Junior year, and the same year became a dual-enrolled student and attends the University full time. As you can imagine, we are SO proud, and better yet...he is very proud of his accomplishments!
We have never given our children an allowance. Handing over cash for doing nothing makes no sense to us. Sometimes they would receive money as a gift from a relative, and they would learn to spend it wisely, save it, or do a little of both.
As they became grade-school age we did start to pay for grades on the Report Cards. It wasn't a lot, but to them it meant the world. They have always worked hard to obtain outstanding grades. Yes, getting the good grades is an accomplishment in itself, and the money is like a bonus.
The older they get in school, and the harder the classes become, the more the letter grades earn. We only pay for A's and B's, with a significant difference in the two. And as they hit the High School years we give an additional bonus for a Report Card with All straight A's, or a mix of A's. No bonus if there are any B's.
Some of you are thinking we are way off base. Perhaps you think we are overly pushy with our children and their grades. Is life going to be any easier on them? Will they not be pressured in their jobs to do their absolute best? When they are adults is someone just going to magically hand them cash once a week, for doing nothing?
One of the best results is our kids are A students. Our son was #1 in his class of 400 for his Sophomore year, and #2 in his Junior year, and the same year became a dual-enrolled student and attends the University full time. As you can imagine, we are SO proud, and better yet...he is very proud of his accomplishments!
***Recently I read this great article in Newsweek, by Newt Gingrich. His ideas are not far off from ours.
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I pay my kids for A's and B's too! I go a step further and take away money if they make D's or heaven forbid and F!!!
ReplyDeleteNewt Gringich is a very smart man! Did you know his daughter used to live in the same city that I do?