(Giving) Allowance - Givt4Kids Mission

“Mom, when am I going to get allowance again?” Allowance, a topic that occupies parents worldwide. Who gets how much when, and what’s the best way to instill financial responsibility in children?

Here’s how it works for us. Every Saturday, my kids receive some pocket money. Or at least, that’s the intention. In practice, I often forget or don’t have coins at home. So, it boils down to my kids getting their pocket money about once every six weeks.

That’s why I decided to open a bank account for them and set up automatic transfers for their allowance. It works because now it’s not forgotten. But still, our daughter keeps asking when she’ll finally get some allowance again. The lack of tangible money in her piggy bank seems to nullify the regularly incoming amount in her account. Maybe it’s time to reconsider this system?

But why do we give allowance to our children anyway? It’s not just about handing out money but about teaching important financial skills. When my son was disappointed about an impulsive purchase, it taught him to think about his spending and its consequences. It’s a way to teach them to make wise choices and understand the value of money.

We all do it in our own way. Some parents simply make pocket money available, others tie it to chores. Whatever your approach, most families adopt a system where money is divided into saving, spending, and giving, certainly the other parents I talk to here in Tulsa.

Givt4Kids focuses on that last point, giving. The Givt4Kids app utilizes giving allowance. Your kids receive monthly giving allowance in their digital wallet. Or they receive it when you want, for example, after chores are done. This way, Givt4Kids offers a flexible way to teach children to give and let them discover what they care about themselves.

How do you handle allowance?

-Tine-

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