“They” say it isn’t polite to talk about money, but it is important in everyone’s life. I started receiving an allowance from my parents when I got old enough to count. I got a nickel every week for the chores I did around the house like helping to wash dishes. The amount increased to a dime shortly thereafter as I took on more responsibility such as bringing in wood for our stove fire. I was expected to save part of the allowance and use some of it for what I wanted. A coke and a bag of chips only cost a dime in those days.
I learned quickly, however, that spending the allowance the minute I got it was not the way my parents expected me to behave. Having an allowance made me a better money manager, and I am thankful today that my cautious spending over the years makes retirement financially stress-free.
Having an allowance during childhood taught me some financial skills. I learned that you had to do the assigned chores, or the allowance would not be given. I also learned the hard way the consequences of overdrawing my bank account. My parents emphasized that they would only bail me out once. I realized deferred gratification through needing to save until I could afford something special. Getting a “loan” on my allowance was usually not possible.
The value of money was associated with work. I found my parents’ expectations were clear and consistent, although they were flexible if I needed to negotiate work activities occasionally. I also discovered that one did not get paid for everything done. Some chores around home contributed to the common good without having a monetary reward associated. I internalized the need to balance spending money with saving as well as donating for others when appropriate.
At my mother’s memorial service, our pastor talked about how my mother was frugal but generous. I hope that description also fits me. Perhaps I have taken fiscal management too much to heart. Maybe I should have spent more money during my life rather than focusing so much on saving. However, I cannot think of anything that I really needed that I was not able to purchase. I reap the rewards of that frugality now as I do not worry about not having enough money. I remain a cautious spender, but I also have money to give away to causes that are important to me. I relish those opportunities, and I am glad I learned money management early in life.
I never got an allowance but feel like I learned these same lessons… rather than an allowance I was allowed to buy a paperback book from our school Arrowhead books “newspaper” that came periodically during the school year. Depending on what work I had done would allow me to order a book or two – it was one of my most favorite things to look forward to. 😊