Having an allowance system set up for your kids is essential in teaching them responsibility and money management. A father of two recently featured on Humans of New York shared the allowance system he uses with his children, and we have a feeling you’re going to want to implement it in your home right away!
The father’s short story was shared on the HoNY Facebook page where it has gone viral, garnering almost 100k shares.
The featured story covers one of the children sharing how the family’s allowance system works:
“Every week I get one dollar for allowance. Then I get to choose the section where I put my dollar. There are four sections: spend, save, donate, and invest. If I put a dollar in the ‘invest section,’ my parents give me two extra pennies at the end of every month. I’ve only used my ‘spend section’ twice! I have way over $10 in my ‘invest section.’ I used to have more but I took some money out and put it in my ‘donate section.’ We used to it to buy food for people who don’t have much money in their ‘spend section.'”
Not only are these kids learning to save and manage their allowance, but they are learning the concept of investment and the importance of giving back. Just having the option to donate their allowance reinforces the value in it. That’s parenting done right!