Allowance, to pay or not to pay? Cash for chores or entitlement? We are currently giving allowance based on chores. I'm question this because my teen is doing just enough chores to get the amount of money she wants in the moment. If she want $3 she'll do just enough chores to earn $3. She has to pay for her texting. When that bill is due she asks if she can do extra chores to pay the bill but often that's all she earns and has no cash for the rest of the week. I know she understands you have to work to earn money. I wonder if that is the lesson I need to be teaching her at 16 or if teaching her budgeting is where my focus should be?
On Friday she had money, by Sunday night she didn't have enough cash to buy a soda. I'm suppose to be preparing her for adulthood. When it comes to money management I'm failing. I know if I give her allowance she won't do chores, she complains about simple chores when she does get paid for them. Do I give up her helping around the house to be able to teacher her how to manage her money?
How do you handle spending money for kids? Do you micro manage how they handle money or let them learn by fire? Is it ever too late to teach money management? I would love to hear how you teach or were taught money management!