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Teaching Kids Money Management: Strategies for Allowances and Chores

In summary, setting up a system where the kids help out around the house and then are rewarded for it with money or privileges can help teach them the value of money and how to budget.
KellyRedHead
636
Good Evening Everyone!

I have a problem and need your advice. What ever you do for this I won't prejudge, I just want to know how you handle it: kids money allowances?
It seems like lately everytime my DH and I turn around the kids need something ie: have a b'day party to go to so they need a present, need to pay for a deposit for a trip at school, want to get my points or whatever you call it for their Zunes. They do "Some" chores around the house, very limited, my fault (I need to let go and have them do more). For doing these limited chores, we pay for the b'day presents etcc... I mentioned above.

I was wondering if maybe we should have them do chores (also adding more and possibly having a chart) and then paying them every two weeks. If the work isn't done, then they don't get paid, or don't get paid the whole amount? With their money they would be responsible for b'day presents for friends, points for Zune, extra clothes they might want that we feel we as the parent don't want to purchase etc... I want them to learn the value of money and that it doesn't grow on trees like I think they do! We just feel like sometimes we spend way too much money on the things they want and have nothing left for ourselves sometimes.
Are we being selfish??
Also we have two of them, both middle to young teenagers.

Thanks in advance for any help!

Kelly V.:chef:
 
The best plan I have ever heard for older kids is this:

They do not get an "allowance", per se. Being a part of the family means that they help out, period.

Keep track every month of how much you spend for them...clothes, birthday party presents, movies with their friends, school lunches, etc. Do this for a couple of months to average it out. Then, give them this money (or less if you've been giving out too much) at the beginning of the month. Let them decide how this money is spent.

BUT, and this is the hard part, when they run out of money, THAT'S IT. If they have a birthday party and they've already spent their money, too bad, so sad. Or movies with friends, etc. You have to stick to this...if you give in, it's a useless endeavor. This teaches budgeting and responsibility, and removes the whole getting paid for helping out around the house. They'll pick up pretty quickly when they run out of money that they need to budget what they spend.

If they're not helping around the house, a different means of consequences, other than money, needs to be developed. Or, I have heard of parents deducting from the next months amount for the work the parents did that the kids were supposed to.

We are planning on beginning with this soon with our 8 year old (starting small and building up because of her age).

HTH!
 
One of my co-workers thinks we're way out of line for this, but this is what we are doing right now. To make a long story short, my BFs son has been having some behavior issues and in the last couple of months has been destructive to things in the house. He has kicked a hole in the stairway, broken a window in his room from a thrown toy, and other little things. We have figured the total cost to replace/fix things is $300. We have set up a chart with 300 squares on it. Everytime he gets money for whatever reason, he hands it over and colors in the number of squares the money is equal to. We have also set up a chart stating different chores, and how much money they are worth. When he completes a chore, we fill in a box or two, whatever it is worth. Some examples are:
$1- Taking all laundry to the laundry room.
$1- For taking the garage cans to the street and bringing them back to the house.
$1- Sweeping the kitchen, bathroom and mudroom floors.
$1- Gathering sticks in the yard and taking them to the burn pile.
$2- A week for good behavior at school.
$.50 a day for making his bed.
$.50 a day for keeping his toys and laundry picked up.

He's only 6 years old, so my co-worker thinks we are being rediculous for making him pay for what he has broken, but since we started this, he has not tried to break anything for fear of his total going up. This is voluntary for him, we do not make him do chores, but we ask him to pick one chore a day to do.

Maybe if you set up something like this, the list of chores and prices, you won't feel bad about making them do anything, but at the same time you will not only be teaching them responisbility, but also to be a self starter. I think it would be a win win situation for all involved.
 
before they were driving we used to do $10 (I think) a week this was for making the bed, putting away laundry and cleaning their room and whatever else was asked of them
they had to divide it
1/4 to spend
1/4 to save in their savings account
1/4 to "invest" for the something big they wanted sometimes it was designated to a charity or organization instead
1/4 to tithe
 
Andrea, I don't think that is out of line at all. He broke it he has to pay for it. That is how life is. As an adult he will be responsible and he needs to learn the responsibility now, not waiting until he is older (teens and such). I think it is very practical.

My daughter was offered the opportunity to earn an allowance. One day I mentioned to her that she needed to get busy to get paid and she responded by saying "I don't really need the money right now, so I am not going to do the chores". I responded by saying, I am glad that you are able to budget so that you don't need the extra money, however, that isn't how this will work. So you will do the chores and will no longer get paid for them.

Yes, I was a bit angry at the moment. But I have never paid her since.
 
Thanks Chris, thats exactly what we were thinking. I did the the girl at work that I didn't care what she thought, because honestly, I'd never raise a child like she raises her. Her's aren't the greatest kids, spoiled rotten, and don't know how to do anything on their own.

I like how you played that out with your daughter. I also am very happy that she's in a position that she doesn't need the money! LOL I would have been off the wall p*ssed off... I think you handled it well.
 
Mine get their age in dollars. But 20% is taken right off the top for savings. So my 14 yo DD gets $11 ($3 for savings) and my 11 DS gets $9 ($2 for savings) since we just round to the nearest dollar.

They have set chores each week that they must do to earn this. I used to take off .25 each time something wasn't done but a few dollars here or there didn't seem to make a difference but I was also getting tired of harping. So as of last month it will all be taken away. I calmly explained to them if their main larger weekend chores weren't completed by dinner on Sunday, they would not get paid for the entire week. No discussion. They are old enough to know their chores and I'm tired of repeating myself. So far so good ;)

Chores are as follows:

child one: -set the table at dinnertime and sweep the kitchen after dinner
-recycling taken to the garage when the box gets full and taken to the curb once a week
-change one cat litter weekly and sweep floor around litter box
-vacuum and dust bedroom once a week
-vacuum rec room and washroom area which are right beside their bedrooms

child two: -clear the table and load dishwasher
-kitchen garbage out as it gets filled and empty all garbages in the house to the main one in the garage the night before garbage day
-change the other cat litter weekly and sweep floor around litter box
-vacuum and dust bedroom once a week
-clean their washroom (it's in between their bedrooms and only they use it)

The first of each month they switch off on all the chores except their bedrooms so the one who cleared the table and cleaned the washroom would now set the table and vacuum the rec room. Their idea and it helps with monotony.

I do however pay for school field trips, school lunch once a week (they sell pizza on Monday's and hotdogs on Friday's and my children get one or the other on my dime), and birthday gifts for friends. We live out in the boonies and they probably only go to a party once every couple of months so it's not an issue. I really wish we'd meet families with younger children so my DD could babysit and make more of her own money. If she buys a phone card or an Itune card 1/2 of her monthly $ is gone.
 
My DS is almost 15 and my DD daughter is 13 and this what we do, have been for a couple years and it seems to work. I found some OLD check books from when we lived in a different state. They get $5 a week for "normal" chores, i.e. bedrooms, laundry, dishes, etc. They can earn more if they help out more or do chores they weren't asked to do. Instead of actual money, they make a deposit in their register each week (I do deduct if I have to do something). Then when they want to get something at the store or go out to eat with friends, etc they write me a check and I give them cash or pay for the item. This works for us 2 fold, they are held responsible for their part of helping around the house and how to balance a check book, which I never learned until college. Also if they have no money in their account, they have no money to buy things. I have several people tell me that its too much, but it really works for us and I don't have to hear them complain about chores or money.
 
For younger kids, check out this website: Junior's Clubhouse

This may give you some ideas for your older children:
http://www.daveramsey.com/etc/cms/kids_and_money_q&a_7044.htmlc
 
  • #10
I have also heard that the kids should not receive an allowance *directly* for doing chores, the theory being that as a member of the family they should be contributing to household without requiring payment, just like the parents cook, do laundry, provide income and pay bills etc. However, the kids do receive an allowance, but I guess I'm not sure what reason is given, maybe simply to give them the chance to learn financial resposibilty. Eventually the allowance increases and takes the place of things that you currently pay for, such as a monthly amount for clothes, but you no longer buy clothes for them. Basically, I guess it's pretty much what Nikked said.

But of course there does have to be a consequence for them NOT doing the required chores...

On the other hand, there are people who like the idea of tying the allowance to the chores, in order to mimic a real "job", where if you don't do the work, you don't get paid.

I guess you could sort of combine the two systems, where there are basic chores and a basic allowance that are not technically linked, but that on top of that they could earn money for doing extra chores.

My kids are little, so I don't know which way we will do it, but I think it is almost never too young to give the kids (age appropriate) household responsibilites (not that I'm always good at doing this). And I think it is good for them to also learn pretty young the value of a dollar. Even at 4, you can give them 50c a week and show them how if they save it for 2 or 3 weeks they can buy something bigger, or that if it is spent on candy it is gone forever, but if it is used to buy a matchbox car it will last. Also about giving to others too...
 
  • #11
I didn't get allowance growing up. Helping w/ chores & keeping our room clean were just expected.. instead of money as allowance, my parents would let my brother & I do things/get us what we needed (birthday gifts for friends, special treats for ourselves, money to go to the movies, etc.).

For example, if we asked to go somewhere my mom would say 'if your room is cleaned'. So instead of money, my 'allowance' was getting to stay at a friend's house. When we did get money for our birthday or whatever the occasion may be, we were very careful how we spent it & didn't just blow it. Since my parents didn't give me a 'money allowance', I didn't assume they were made of money. So when I needed gas or wanted new expensive clothes or whatever, I saved my own money.

I think it worked out well. I'm very good w/ money & got my first job at 15 & saved money for a different car, college, etc. I will probably do the same thing w/ my daughter.
 
  • #12
My parents just didn't have the money to give allowance. I got a paper route and babysat starting at 12 until I was old enough to get a job at 15. I did get a car from them about 6 months after I got my license, but it was a hand me down, my mom got a newer car, and I got hers, but I had to do the upkeep and pay the insurance. My parents didn't inforce me saving at all, so I spent it how I pleased. I still have a hard time today saving money. I have a little in the reserves, but not enough to do much with. I think it's a great idea to teach kids at an early age to save their money.

Over last summer, my BFs son's grandparents took the $500 in his savings account and bought a CD with it so it could bring in a better interest rate. He was sooooo mad, he didn't want music, he wanted his money. It was so cute. He still doesn't understand what that CD is doing, but maybe by the time its up, he'll be old enough to understand. Everyonce in a while now he asks where his music is that grandma and grandpa bought him.
 
  • #13
We use the Financial Peace Jr system from Dave Ramsey and pay our son commission. Right now he is saving up to buy a new bike and is very committed. It is helping him learn at an early age how to handle money the right way. You should check it out. Jeanine's link will take you there.
 
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  • #14
Thank you to everyone for sharing what works and what you have found may not. I really appreciate the ideas!

I just know we HAVE to do something! Everytime I turn around they want something! I mean we will still purchase important things for them ie: clothes, food, dr visit etc.. but the extra's are killing us especially with my oldest one.
It seems the older they are the more expensive it gets!!
The oldest wants to try out for golf instead of baseball. So we go looking at golf clubs, they have to have their own set. So we go to a store that sells new and used. Well of course we want the new set, yeah at $250 :eek:
I don't see what is wrong with a good use set for $50-$100. How do we know our oldest will be playing next year! I am sticking my decision on this one and not getting the new clubs. My DH wants some also, but he was looking at used. If he gets used then so should our oldest!! The oldest's friend thinks we should get the xyz ones for $250 because they are a great starter set, well he is an only child and gets alot of what he wants!
When we ask if they have any money, its "OH" we can't spend ours we are saving up for XXX. Well the buck stops here!!:cool:

That's why I wanted everyone's opinion or thoughts on this topic. I am going to go over these ideas with my DH, but I think it will be bi-weekly when we pay them, like my DH get's. I haven't totally outlined it yet, but certain jobs work out to so much and they will get paid at the end of the two weeks. This is what they will have to use to get anything special they need that comes up. And like the post above, when they are out of money they are out, no more till the next payday. We have to wait, we don't go and cry to our boss we need more money now. We budget it out and decide how much we have and what we need to get with our money.
We really just want them to learn what the value of something is instead of just expecting we are going to cough up the money when they need it!
We will propably decide on how this will all start and It should be real fun telling the kids!:)

Thanks again, any more ideas - let me know. We have finalized how everything is going to work yet.

Kelly V :chef:
 
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  • #15
I would find a nice used set and see the price on them. Tell your DS this is what you will contribute, if he wants nicer ones, then the tab is on him.

Thats what I would do anyways.
 
  • #16
I'd do the same as Andrea. That's what I do when my son wants certain things over and above what I can afford or am willing to spend.
 
  • #16
My kids are 7 and 5. We pay them a weekly "commission". We base it on a set of chores around the house that they have. It's based on the premise that "daddy goes to work and he gets a paycheck. If he doesn't work, he doesn't get paid." Their chores are: making their bed, picking up their rooms, cleaning up their toys throughout the house, trash/recycling, vacuum certain areas, empty dishwasher, clean up dishes from table after each meal and clean their table space. They get $5 a week. We have them save $1, give $1 at church, and then they can save/spend their remaining. It has helped alot! They've learned very quickly the value of a dollar! They know when something costs $10 or $20- which is the better deal, and they also ask themselves if it is worth spending their money on- so they make better choices. It's amazing what they learn when it is their money.And no, you are NOT being selfish. You are training them for adulthood. You worked hard for your money, and they need to work for theirs. I don't pay them for every single thing- and sometimes they ask "do I get extra money for.....?". Most of the time- the answer is 'no'. :) But sometimes, when they do something extra for us, then yes, we give them a little extra.Good luck.
 
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  • #17
I hope this really helps my youngest too! If he gets for example $10 for b'day or a special occasion from a relative, he wants to blow it on something silly that he wants in the moment.
I tell him that he should save it for what he really wants, but he doesn't. I think he doesn't save because he just thinks we will buy what he wants and he can have both. Well its not going to work that way any longer!
The other day I was at the mall and he wanted a lego set at the store, I had his Christmas money with me and I told him if that is what you want then fine you won't have any of the money left.
I came home with it and he thinks I should give him the money back for the cost of the set he wanted! That was his Christmas money and that isn't what he wanted to spend it on. Sorry Charlie!! But I feel the decision was made when I bought it and he knew I was using the money for the lego set.

Done deal!



Kelly V :chef:
 
  • #18
He probably figured he could "guilt" you into paying for it yourself. He is not dumb, just a typical kid. We are taking Financial Peace University with Dave Ramsey and I love the commission idea he brought forth. His kids all saved half of their own car... The first child "saved" the least because once she did, the other two knew they could get 1/2 matched too! Dave said he had to set a limit by the 3rd kid because he had put back $10,000 for his half! LOL! I wish my parents had done that with me, but they gave me whatever I wanted/needed and I never learned to handle money. Now I am learning the hard way at 56 yo!
 
  • #19
I think it's a great idea to teach children how to save and that "NO!" is part of life. When they get older they are going to have to learn a hard part of life - budgeting.
Our kids get an allowance every two weeks. Only my two oldest who are (son-12) and (daughter-11). My daughter helps more with chores and with her younger siblings so she gets more allowance. My son has started to understand the harder you work and actually care about what you are told instead of "oh I forgot" syndrome, he will get paid. Unless all chores are done, they do not get paid. They learn to save their money and shop wisely. We shop at thrift stores, garage sales, resale shops and only when things are on sale.
If they want a gift for a friend, they buy it. And you would be surprised how they compare prices and search for sales!!! LOL
If they want a birthday party, they won't get as big of a present for their birthday, their birthday budget can never exceed the amount we set. Example: One year my daughter had a sleepover, and a birthday party the next morning at a pizza place so her budget after feeding her 7 girlfriends Friday night and having the party Saturday morning was $20 for a gift. Now don't forget goodie bags, extra tokens and the cakes I made. My son and daughter are born almost exactly one year apart and so they always share birthday parties each year with their friends. Ok back to the story, so she wants a $100 poodle she saw on craigslist. My single, working brother gave her $80 for her birthday. So we go to buy this dog and she ends up wanting the $150 puppy. So I pay $20, my brother $80 and she pays $50 of her allowance. That's how it works. My son is cheap, he got a free kitten and used the rest on video games! LOL
We don't allow them to blow their money on fast food, toys or other impulse buying (which is usually my son) unless it's a special treat. Like we are going to the movies and instead of just popcorn and soda which we agree to pay for, they want a candy, pickle or Icee. They usually get gift cards and cash for their birthday among their gifts and we don't even have to tell them anything, they know it's best to save those for something they will want later.

It has worked really well. My daughter has lots of money in savings and my son is trying to follow her example. Like I said we don't allow them to spend money foolishly so it isn't that he has spent his money but because of discipline issues or not doing chores, he doesn't get paid as much or as often as she does. We are trying to teach them the value of money and that really does help them to understand why we hesitate to spend so much money on frivolous things we won't have anything to show for tomorrow.

Debbie :D
 
  • #20
Our boys no longer live at home, but when they were younger this is how we handled allowances and chores. We have 5 boys, so helping out around the house was a necessity! I developed a chore list and posted it at the beginning of each week. Each child had at least 2 chores a day, more when they were older. They each earned the $ corresponding to their grade. Second grade, $2; third grade, $3; etc. If they wanted a toy, book, etc., they knew that they needed to use their money. They learned quick that often times they needed to save up their allowance for larger priced items. Once they were old enough to work outside the home, they used that income for items as well. All of them learned to save (especially in the beginning when they realized if you spend it all one week, you have to wait another whole week for more!)... All 5 of them bought their own cars, snowboards, and all the other things boys have to have! It worked for us - I kinda miss the days of preparing the chore list on Sunday evenings!
 
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  • #21
Did you kids still do chores when they turned 16 and got a job?
This is what I worry about with my oldest. When the job starts they won't need Mom and Dad's money anymore and the chores will stop too!


Kelly V

pattikake said:
Our boys no longer live at home, but when they were younger this is how we handled allowances and chores.

We have 5 boys, so helping out around the house was a necessity! I developed a chore list and posted it at the beginning of each week. Each child had at least 2 chores a day, more when they were older. They each earned the $ corresponding to their grade. Second grade, $2; third grade, $3; etc.

If they wanted a toy, book, etc., they knew that they needed to use their money. They learned quick that often times they needed to save up their allowance for larger priced items. Once they were old enough to work outside the home, they used that income for items as well.

All of them learned to save (especially in the beginning when they realized if you spend it all one week, you have to wait another whole week for more!)... All 5 of them bought their own cars, snowboards, and all the other things boys have to have! It worked for us - I kinda miss the days of preparing the chore list on Sunday evenings!
 
  • #22
If they have a car maybe you can offer to pay $X towards their insurance or payment in trade for chores.
 
  • #23
AnnieBee said:
I have also heard that the kids should not receive an allowance *directly* for doing chores, the theory being that as a member of the family they should be contributing to household without requiring payment, just like the parents cook, do laundry, provide income and pay bills etc. However, the kids do receive an allowance, but I guess I'm not sure what reason is given, maybe simply to give them the chance to learn financial resposibilty. Eventually the allowance increases and takes the place of things that you currently pay for, such as a monthly amount for clothes, but you no longer buy clothes for them. Basically, I guess it's pretty much what Nikked said.

But of course there does have to be a consequence for them NOT doing the required chores...

On the other hand, there are people who like the idea of tying the allowance to the chores, in order to mimic a real "job", where if you don't do the work, you don't get paid.

I guess you could sort of combine the two systems, where there are basic chores and a basic allowance that are not technically linked, but that on top of that they could earn money for doing extra chores.

My kids are little, so I don't know which way we will do it, but I think it is almost never too young to give the kids (age appropriate) household responsibilites (not that I'm always good at doing this). And I think it is good for them to also learn pretty young the value of a dollar. Even at 4, you can give them 50c a week and show them how if they save it for 2 or 3 weeks they can buy something bigger, or that if it is spent on candy it is gone forever, but if it is used to buy a matchbox car it will last. Also about giving to others too...


We have just been discussing this at our house. DS will be 5 in June, and we are teaching him to do chores, etc...around the house. He always wants to know how much he can be paid for doing chores. Basically, we've told him that things like putting his dirty clothes down the laundry shute, and picking up his toys, are family responsibility jobs. He doesn't get paid for doing those things, because those are his responsibility. He does get paid for helping out with things that aren't his responsibility, IF he does it without being asked, or for doing it cheerfully after being asked one time.

For example, Sunday afternoon, DH went out to shovel the driveway. He asked DS if he would like to help him. DS said "Sure, I'd be glad to, Dad!" and went out and shoveled. He got $1 for helping cheerfully and quickly with a task that wasn't his responsibility.
 
  • #24
candiejayne said:
Thanks Chris, thats exactly what we were thinking. I did the the girl at work that I didn't care what she thought, because honestly, I'd never raise a child like she raises her. Her's aren't the greatest kids, spoiled rotten, and don't know how to do anything on their own.

I like how you played that out with your daughter. I also am very happy that she's in a position that she doesn't need the money! LOL I would have been off the wall p*ssed off... I think you handled it well.

Andrea, I absolutely agree w/ you and your bf, you are doing the right thing, especially if he has stopped. However, that being said, it sounds like he has some anger issues that you might want to address if he is aware of what he is doing, since he has stopped due to having to pay for it. Just a little food for thought. I have a 12 yr old stepson w/ the same kind of issues, his started in kindergarten. Good luck!
 
  • #25
Oh, and to answer the original post, I am mixed on allowances for kids. We tried that w/ my 12 yr old ss, and it never did a bit of difference. He didn't do the work, didn't care about the money and that was that. I stopped giving him an allowance for nothing and instead made up a weekly chore chart, which he did for about 3 weeks and then stopped. How do you MAKE someone do what they need to around the house?

On the other hand, I have a 5 yr old daughter who is absolutely wonderful about doing things she is supposed to, going above and beyond what she should do, and we give her $1 a week. She has $65 saved so far and she wants to use it for DISNEY...PRESSURE! LOL
 
  • #26
chefsteph07 said:
Oh, and to answer the original post, I am mixed on allowances for kids. We tried that w/ my 12 yr old ss, and it never did a bit of difference. He didn't do the work, didn't care about the money and that was that. I stopped giving him an allowance for nothing and instead made up a weekly chore chart, which he did for about 3 weeks and then stopped. How do you MAKE someone do what they need to around the house?

On the other hand, I have a 5 yr old daughter who is absolutely wonderful about doing things she is supposed to, going above and beyond what she should do, and we give her $1 a week. She has $65 saved so far and she wants to use it for DISNEY...PRESSURE! LOL

LOL I am feeling your pain! My oldest is soo excited to go to Disney, I'm feeling the pressure also.

Loved all the idea's on here, I know I have to do something regarding chores and allowance but I was at a total loss as to how to proceed. Now I have idea's and great suggestions. Thanks everyone!! Keep 'em comin'!
 
  • #27
chefsteph07 said:
Andrea, I absolutely agree w/ you and your bf, you are doing the right thing, especially if he has stopped. However, that being said, it sounds like he has some anger issues that you might want to address if he is aware of what he is doing, since he has stopped due to having to pay for it. Just a little food for thought. I have a 12 yr old stepson w/ the same kind of issues, his started in kindergarten. Good luck!

We are on the hunt for a doctor that is willing to work with us and him on his issues instead of just prescribing a pill to "make it all better". As soon as we find the right doctor, things will get set in motion. I can't believe how many doctors would rather prescribe medication then actually go through therapy sessions. It's pretty sad.
 
  • #28
candiejayne said:
We are on the hunt for a doctor that is willing to work with us and him on his issues instead of just prescribing a pill to "make it all better". As soon as we find the right doctor, things will get set in motion. I can't believe how many doctors would rather prescribe medication then actually go through therapy sessions. It's pretty sad.

We went through this as well...after about 3 yrs of having us told by the school that he needed to be medicated, we finally caved and the dr put him on Adderal. Guess what? It didn't make a bit of diff so we took him off. That just proved to us that what he was doing was a conscience decision. Last year they told us he had "Oppositonal Defiance Disorder"...I'd never even heard of that!
 
  • #29
So does that mean he just does the opposite of whats being told of him?
 
  • #30
candiejayne said:
So does that mean he just does the opposite of whats being told of him?

My stepson meets this criteria to a T...this is the definition of it...it's online, you can look up more info...



A pattern of negativistic, hostile, and defiant behavior lasting at least 6 months, during which four (or more) of the following are present:
Note: Consider a criterion met only if the behavior occurs more frequently than is typically observed in individuals of comparable age and developmental level.
often loses temper
often argues with adults
often actively defies or refuses to comply with adults' requests or rules
often deliberately annoys people
often blames others for his or her mistakes or misbehavior
is often touchy or easily annoyed by others
is often angry and resentful
is often spiteful or vindictive
The disturbance in behavior causes clinically significant impairment in social, academic, or occupational functioning.
The behaviors do not occur exclusively during the course of a Psychotic or Mood disorder.
 
  • #31
Wow, that is him to a T also. He loses his temper very fast, but normally only with females (he's still "scared" of daddy and grandpa), we constantly get notes home from school that he refuses to do school work, or he is disruptive in school. If you pick on him, he automatically goes into defense mode. The "I don't know" kid visits often, he's really begining to get on my nerves LOL.

We see a pattern of when this happens too. Generally we have 1-2 really good weeks then 3-4 horrible weeks and it's a constant cycle.

What did they offer as a treatment for this? I'll definately look up more information on this myself too.

Sorry for the hijack guys, I am finding this very very interesting.
 

1. What is the most effective way to teach kids about money management?

The most effective way to teach kids about money management is to start early and involve them in real-life situations. This can include giving them an allowance, having them do chores in exchange for money, and involving them in budgeting and saving for purchases. It's important to also have open and honest conversations about money and its value.

2. How much allowance should I give my child?

The amount of allowance you give your child will depend on their age, the cost of living in your area, and your own financial situation. Many experts recommend giving children an amount equal to their age (ex: a 10-year-old would receive $10 per week), but ultimately it's up to you to decide what is appropriate for your family.

3. Should I tie allowance to chores?

Tying allowance to chores can be an effective way to teach kids about the value of hard work and earning money. However, it's important to make sure the chores are age-appropriate and not too overwhelming. You can also set up a system where certain chores are expected as part of being a member of the household, and then offer additional tasks for extra money.

4. How can I help my child understand the concept of saving?

One way to help your child understand the concept of saving is to encourage them to set a goal for something they want to buy and then save up for it. You can also involve them in creating a budget for their allowance and determining how much to save each week. It's also important to lead by example and show your child the importance of saving money.

5. Is it okay to say no to my child's requests for money?

It is okay to say no to your child's requests for money, as long as you have a valid reason and explain it to them. This can help teach them about financial responsibility and that they can't always get what they want. You can also offer alternative options, such as having them save up for the item or finding a way for them to earn the money themselves.

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