When Should You Stop Giving Your Child an Allowance?

While some parents see no point in giving an allowance to their children, there are those that are completely fond of the idea. Giving an allowance could be a useful tool to teach children both a general sense of responsibility and how to manage their money. These lessons are important and can carry on to their adult life as well. While they may enjoy receiving this money and you may enjoy giving it, picking the right time to stop giving your child an allowance might cause some apprehension in some parents.

Some parents never stop helping their children out financially. While it might not be on a regular, daily or weekly basis, some parents are always there to help financially support their kids. Although it may not be a popular decision among other parents, its a decision that really is up to the parents involved since they are the ones that are distributing the money.

You may stop giving your child an allowance when they graduate from high school. Considering that a decision has to be made about going to college or heading immediately into the work force, it means that the child has reached adulthood. Some feel that as an adult, it’s time for them to earn their own way instead of relying on parents for any form of an income.

Instead of waiting until after high school, there are those that believe that you should stop giving your child an allowance after they graduate from college. Some think that college should be for studying only and that if a child can receive an allowance to give them more time for schooling along with socializing then they should. This sometimes means that the child has to immediately look for a good job right after graduation to make sure that they don’t end up having an empty wallet.

Some parents feel that an allowance should be earned. If chores aren’t done, grades aren’t kept up and there is a lingering bad attitude, then it may be time to stop giving your child an allowance. In the real world, if your work isn’t up to par and your attitude is bad then you no longer get paid. Some feel that the two situations are similar and deserve to be treated in basically the same way.

Another option is to stop giving your child an allowance when they get a job. Some believe that if the child is earning their own money that they no longer should rely on the parents to contribute money to them. If they are responsible enough to hold down a job, then it may be time to put your money back in your own wallet.

If you are not sure if you should stop giving your child an allowance, you may want to take some time to figure things out. Talking to other parents who hold similar values can help you determine what's right for you and your family. Even if you do decide to stop dishing out an allowance, the situation is completely reversible and can be changed in a heartbeat.