Need an allowance raise?
Here are some ideas:
Before we start, consider this:
- Why do you need extra money? Are you spending your allowance too fast or
maybe letting your wants win out over you needs?
- Track your expenses for a week. This shows where your money really
goes. You may find ways to cut spending so you don't need a raise.
- Remember that an allowance is your parents' way of teaching you financial
responsibility. This means that more money equals more responsibility.
So show them that you are capable of handling the money well and they'll be
more willing to approve your raise.
The squeaky wheel gets the grease, but...
Parents hate whining. Whining can backfire and get part of your allowance taken away,
which is a step in the wrong direction. Show your parents that you're growing up.
Tell them why
If you can show your parents that you have a really good reason for needing more,
they'll be more likely to give it to you. If your allowance isn't enough to cover
lunches and bus fair, tell them. Be careful though. If you've been spending
too much on entertainment and silly things, your parents may not feel you really
need a raise.
- Have you become responsible for buying your own clothing or paying for your
transportation?
- Have you taken up a new hobby, sport or after school activity that requires
more money?
- Are you trying to save for something special or important?
You deserve what you get, so...
Be ambitious! Show your parents that you deserve a raise by being willing to offer
something in trade. What can you do?
- Offer to do a couple more chores around the house. This way, your parents
will be more than happy to pass off their tasks to you for a little extra cash.
- Offer to help mom or dad out with their work (basic filing, stuffing envelopes,
etc.).
- Offer to help your younger siblings with their homework. Or
you could look after them when your parents are gone. This way they pay
you for babysitting instead of paying someone else.
- If you have you driver's license, offer to run annoying errands, like picking
up dry cleaning and going to the post office, in exchange for some extra cash.
Consider a matching plan instead of a raise
Most parents will love this. If you're trying to save for something, ask to set up a
matching plan with your parents. This way, they don't have to give you more
money each week. Instead, every time you make a contribution to your savings
account, they will deposit an equal amount. This money could be used to save up
for things that you really want or to provide money for you in the future. Plus,
your parents will be proud that they've raised a smart child.
Show them you can handle responsibility
Your parents aren't going to give you a raise if you're just going to spend it on more
candy and CDs. Show you're parents you're financially responsible by saving a
part of your allowance. Also, make sure that you can budget your money because
your parents aren't going to give you extra money to go to the mall if they're
already giving you a larger allowance.
Put it in writing
If you're a little shy about talking to your parents about an allowance raise, try
writing up a proposal. Not only will they be proud of your initiative, but
they will also see that you are responsible enough to handle the money. Also,
by writing it all down, they'll have fewer questions to ask you on the spot.
If you get a raise
Once you get a raise, make sure that you use that extra cash for things you really need.
Saving for things you really want
If you've been eyeing that sweet new pair of sneakers that everyone has, consider
saving up for them. Your parents probably aren't going to buy you a $100
pair of shoes so it's up to you. By putting away just $10 a week, you would
be able to afford the sneakers in just 10 weeks. This may seem like a long
time, but its worth it. And once you realize how much you can make through
compounding interest, you may
not even want the sneakers anymore.
Continue tracking your expenses
Even though it may seem boring, it's important that you know where your money
goes. It can help you cut down on unnecessary expenses. And, once
you head off into the real world, you'll be used to budgeting, which puts you a
step ahead. If you want more information on tracking expenses,
check out our budget pages.
If you don't get a raise
If your parents still aren't willing to give you more money, consider this:
Maybe your parents just don't have the extra money right now. Here are
some other ways to make a little extra cash.
Maybe your parents don't feel like you really need the extra cash. Do
what you can to prove to them that you are financially responsible. Maybe
once they see that you can handle the added accountability they'll reconsider.