In a recent interview with People magazine, Senator Obama lists “allowance” as one of their families seven “Obama House Rules.” Both daughters receive allowance the traditional way, money for chores, and dad acts as the bank. Due to his intense travel schedule, he admits to not paying on time — but the girls keep track and remind him about what he owes them.
It did my heart good to see, with all the topics this story could cover, there was space to talk about allowance. Clearly, allowance is an important discussion in every family — no matter who they are. Paying on time is a struggle most parents have had to deal with.
But, make no mistake, kids are taking note of the delay.
My advice — make it your business to pay allowance on time. Allowance is a money promise. If you break money promises to your kids, they may think it’s okay for them to break money promises to others as well. And that could translate to credit problems later in life.