by Art and Lois Deyo

While driving past an ice-cream store, our son asked, "How about some ice cream, Dad?" But he wasn't nearly as interested when he heard Art answer, "I'll be glad to stop, if you buy, Jeff!"

By giving our children an allowance, we can teach them the value of money (beginning at an early age). Of course, sometimes we do stop for ice cream, but because we sometimes don't, they appreciate it more. And they learn not to spend their own money frivolously.

An allowance is a mini-salary to help young people pay for their needs and wants. Our children are required to set aside portions for tithe and savings. An allowance with specific guidelines and restrictions will help children plan for adulthood when they are on their own financially. It can prevent a constant "gimme" attitude, and we believe that it is better than paying for each chore done. We require certain set job responsibilities around the house each week in return for a regular allowance. Thus, they can count on a certain amount of money twice each month (on the days Art gets paid). Of course, there must also be accountability.

We began giving Deanna and Jeff an allowance when they started school. It was at that time that they needed milk or lunch money and had to begin making their own transactions. We started them on twenty-five cents semi-monthly and increased that amount as they showed they could handle it. We got them a bank and a billfold or purse. They set aside ten percent tithe to take to church and twenty percent savings to put in the bank. The rest they could spend as they wished (within certain guidelines).

In a few years, when their math skills were better developed, Art taught them how to keep a ledger of income and expenses, so they could keep an accurate record of their finances.

After accumulating a tidy sum in the "bank," we opened savings accounts for each of them at a real bank. Soon they were able to watch the balance in their savings books grow regularly. Later when sufficient money had accumulated, we placed their money in a money market fund where it drew much more than the minimal passbook interest.

We have been very pleased with the results of our children's savings program. It has taught them a good habit which many adults never learn. It teaches them to plan ahead, to be patient, and accept delayed gratification. They have truly learned not to sacrifice the permanent on the altar of the immediate. Recently, our daughter helped with a large share of the purchase of a very fine flute which she plans to use as a flute major in college.

Today our fourteen-year-old son, Jeff, gets $10 twice-monthly and our seventeen-year-old, Deanna, gets $15 each time. Of course, parents must determine what is right for their own children. We also give our teens lunch money for three lunches each month. The rest of the time they make their own lunches at home. Because Deanna and Jeff know we have tried to treat them fairly, they have rarely complained.

As they grew older we insisted, however, that they spend some money on clothes. We still buy the necessary items for their wardrobes, but require them to buy any "extras." We also require that if they want jeans with name designer labels, that