Mom Can I Have That?

"How come my friend Christopher's allowance is bigger than mine?"

You're tempted to say:
"Because Christopher's parents have more money than we do."

Dr. T's Rx:

Your income shouldn't be the only factor, or even the main one, that determines your children's allowance.

Tell your kids up front that their allowance will be based on three things: how much you can afford to give, what you expect them to pay for, and how much money you think they can comfortably handle. If they bring up the subject again, you have a ready-made reply to rattle off.

In asking this question, your kids may be dancing around what's really on their mind. They may be fishing for a raise in their allowance (see the question earlier in this chapter). Or they may be trying to keep up with the Jones kids (see Chapter 3).

If you really can't afford to come up with more money, that can work to your advantage. What counts isn't the size of the weekly dole, but the experience kids get with making it last. If you have to limit your kids' income because your own is stretched, that's a lesson in real-world economics, and your kids will be better off for learning it. With more money to spare, Christopher's parents will have a tougher time teaching him the value of a dollar.

Dr. Tightwad Explains...