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Allowances are a traditional part of raising children. But I’m not sure they’re that great of a teaching tool.

Here’s why:

Some things – like making your bed every morning, keeping your closet tidy, putting your dirty dishes in the sink, doing your homework – these are just everyday things that all kids should do. To me, they do not deserve to be rewarded with money. I think it sends the wrong message to kids that everyday chores earn financial reward. As adults, we are not rewarded with money for doing such things -- these are just the things we have to do.

I think it’s a better idea to reward kids for doing work -- real work, not everyday stuff. So when my kids want to earn money, they ask me what they can do. I usually offer them odd jobs: pulling weeds, cleaning the baseboards, sweeping out the garage, etc. Then the following conversation usually ensues:

Kid: "How much will you pay me?"
Me: "That depends on how much you do."
Kid: "If I pull weeds for a half-hour, will you pay me $5?"
Me: "I pay $6 an hour, so if you do it for a half-hour, I will pay you $3. If you do a great job, I may pay you more next time."

I think this teaches kids that you can only earn money by working and that pay is based on the amount and quality of your work – just like in the real world.