Monday, February 4, 2019
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How much allowance is enough? Hey Taylor - My husband and I are about to start giving our son an allowance and we’re arguing about how much it should be. He says $5/week, which is what Taylor Kovar he got, but I don’t think that’s enough. Any idea what’s fair or if there’s a standard? - Erin Hey Erin - Five big ones, huh? Nothing to scoff at, but that kind of money doesn’t go too far these days. The allowance question is a very personal one, so I can’t tell you how much to give. I can, however, throw out some things to think about that will hopefully help you decide. What makes sense for you? You need to think about what you feel comfortable spending and also what you feel comfortable with your child having. If you make your husband give too much more than $5, he might feel like your son is being spoiled. If you give an amount that you feel is too low, you could feel as though you’re making an empty gesture. You need to find some middle ground, while also making sure you don’t give your son money that you should be using to pay down debt or keep the lights on. Have a talk with your husband so you can set a floor and a ceiling for your son’s allowance, then narrow it down until you find a number you both feel good about. What does your son want? If the money will all be spent on candy and there’s nothing you can do to stop it, $5 is more than enough. However, if your child wants to save up for something like a bike or some new clothes, it’s good to encourage that type of fiscal responsibility. Some parents give
enough to cover a weekly outing, so whatever it costs to go to a movie or get a burger and fries. How much you give should depend on your son’s interests and spending habits. If your boy will be thrilled to death with $5 each week because that’s exactly enough for the one thing he wants to buy, then that’s a fine amount. If he needs a few more dollars to go see a movie, think about upping it just a hair. When is payday? Once you know what the money is going toward, it might be helpful to think about when you schedule the payout. Maybe you pay $35 each month instead of $10 each week, giving a little less in the long run but making allowance day a bigger deal. This might not make a difference, or it could be the perfect solution, depending on your situation. There’s no universal allowance amount, but thinking about these points should help you figure out a number that works. Good luck, Erin! Taylor Kovar, CEO of Kovar Capital. Read more about Taylor at GoFarWithKovar.com Disclaimer: Information presented is for educational purposes only and is not an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. To submit a question to be answered in this column, please send it via email to Question@GoFarWithKovar.com, or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.
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Living with children As regards nearly every public policy topic these days, myths abound, but few mythologies rival that of public education. A sample: Myth: Smaller John Rosemond classrooms promote better learning. Fact: The teacher-pupil ratio has little to do with student achievement, as demonstrated in the 1950s when elementary classrooms were bursting at the seams (nearly three times as many students per teacher than is presently the case) and student achievement was significantly higher than it has been since. This particular canard is promoted by teacher unions, administrators, and politicians on both sides of the aisle who seek to curry favor with teacher unions and administrators. The unassailable fact is that student achievement has declined as classroom behavior problems have risen and teachers have been increasingly hamstrung – by unsupportive administrators, politicians, and the courts – when it comes to discipline. It’s student behavior, folks, not class size. Myth: More money would improve student achievement. Fact: As a category, Catholic schools have the best record when it comes to student achievement, including students who represent the lower end of the socioeconomic spectrum. With rare exception, Catholic schools spend considerably less per student than do public schools. Classroom discipline in most Catholic schools is head-and-shoulders above the ever-deteriorating situation in most public schools, but equally important is the fact that Catholic schools do not suffer administrative bloat. Unlike the case in most public-school districts, one does not find multiple assistant superintendents of this and that in Catholic systems. Myth: Encouraging parents to oversee and help with homework positively impacts student achievement. Fact: Wrong again. A 2014 study found an inverse relationship between homework help from
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parents and school achievement, irrelevant of any demographic characteristic or even child ability level. The fact is that homework enabling – a much more accurate descriptor than “homework help” – is like any other form of enabling: to wit, it has a decidedly negative impact on personal responsibility and, therefore, a negative impact on student achievement. Referencing the 1950s again (which drives my perennial detractors up the proverbial wall), it was the rare parent who rendered anything more than occasional help with homework. Thus, children possessed higher levels of personal responsibility and student achievement was significantly higher. Myth: Social science research has been a boon to public education. Fact: Since the late 1960s, public school educators and policymakers have embraced the progressive notion that new ideas are better than old ideas. The new ideas in question have been supported by social science research (which will support just about anything one wants it to support), yet none of the new ideas – open classrooms, outcome-based education, collaborative learning (to cite but a few) – have panned out. Today as yesterday, the most successful schools are those that adhere to a traditional model. Myth: Teaching academics prior to first grade (encouraged by both public and private schools) boosts overall achievement. Fact: A growing number of educators and researchers are convinced that teaching academics prior to first grade increases the per capita incidence of learning disabilities and lowers achievement in the long run. As did most of my peers, I came to first grade not knowing my ABCs. Lest I needlessly repeat myself, the reader is encouraged to re-read Myths 1 through 4 above. Family psychologist John Rosemond: johnrosemond.com, parentguru.com. John Rosemond has worked with families, children, and parents since 1971 in the field of family psychology. In 1971, John earned his masters in psychology from Western Illinois University and was elected to the Phi Kappa Phi National Honor Society.
