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Dave Ramsey is America's trusted voice on money and business, and CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 12 million listeners each week on 575 radio stations and multiple digital platforms. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com. |
While working on paying off your debt, is it a good idea to suspend your child's allowance? Learn how to use this and make it a teachable moment. Keep Teaching Dear Dave, My wife and I are trying very hard to save money and pay off debt, but we're not making progress as quickly as I had hoped. What do you think of the idea of putting a hold on our son's allowance for the jobs he does around the house until we get into a better financial situation? Kellen Dear Kellen, Kids should learn at an early age that money is connected to work. Even a child who’s in kindergarten is old enough to begin doing some age-appropriate chores around the house. I admire your drive and determination to get out of debt, but if it were me, I wouldn’t stop the process. I would, however, stop calling it an allowance. There’s a victim mentality attached to that word. He’s doing work, and reaping the rewards. We did this kind of thing in our home with our kids, but we called it a commission. We kept it very simple for them, and very affordable for us. If they did their jobs, they got paid. If they didn’t do their jobs, they didn’t get paid. It didn’t take long for them to make the connection. Don’t let these teachable moments slip away, Kellen! - Dave |
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