Do you give your kids an allowance?

Dave Says
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Dear Dave: Is it OK to give very young children an allowance? — Christie

Dear Christie,

Teaching kids there’s an emotional connection between work and money is one of the best things you can do as a parent. Once your kids are old enough to do a few simple chores around the house, they’re old enough to earn a little money doing them.

In my mind, there’s absolutely nothing wrong with putting kids who are 3 or 4 on a basic commission system. If they do the jobs you assign them, they get paid. If they don’t do the jobs, they don’t get paid. We put a little dry-erase board on the refrigerator and listed the jobs they had to do during the week with a dollar amount next to each one.

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EDITOR’S NOTE: Dave Ramsey is CEO of Ramsey Solutions. Follow him on the web at daveramsey.com and on Twitter @DaveRamsey.

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