Our boys have been getting them for a couple months or so now. Looking back, I am seeing a lot of benefits to doing this. Thought I'd share what we've seen as the benefits of giving allowances. So here's what I have liked:
- boys are getting better at exchanging coins for bills and different bills and coins combined ~ real world math, a good and practical way of teaching math.
- the boys are more accepting of us saying "no we won't buy you that candy/gum as you have money at home"; they are learning to plan ahead, knowing that at certain places there is an option of buying things. They'll ask to bring money to buy such and such.
- they have begun looking, long term, toward buying things that will require saving and not buying that pack of gum or candy.
- they are beginning to understand the basics of our family budget, that we only have so much money coming in and have responsibilities to pay for.