Teen Money Tips- How to ask for an allowance

For many teens an allowance is the only way they get any money directly (as in cash in the hand or money in the bank) However, some teens may not have an allowance and therefore have no way of earning money. In this post I am going to tell you some differing strategies for getting an allowance.

Strategy 1 - Ask outright - Simply go to you parents or caregivers and ask for an allowance. Don't ask for a rediculous amount, just something reasonable ($10 a week or something like that) If they say yes, you're in the clear, but if they say no try some of the more detailed strategies below.

Strategy 2 - Compromise amount - If your parents/caregivers say no to an allowance try and compromise on the amount of money you will get or how often you will get it. For example if they say no to $10 a week then ask for $8 a week, or $5 a week etc.

Strategy 3 - Compromise for work - You could always say that you will do a specific job or jobs around the house for an allowance. This is often a very effective way of getting an allowance. Jobs you could do include - lawn mowing, cleaning the bathroom, doing the dishes, looking after pets etc.

Strategy 4 - Deposit match - If you already earn money through a job or online business etc, then you could do a deal with your parents/caregivers to say that for every dollar you save (or invest) your parents deposit in a set amount. Some parents may not wish to deposit a dollar for every dollar you save/invest. Instead they may wish to deposit 50 cents or some other set amount for every dollar you save or invest. This really is an effective way of getting an allowance as you can get extra savings or investment funds for doing very little.

Now all you need to do is go out and try to get yourself an allowance. But remember, use the money wisely to either create yourself more money (investment) or gather your money together (savings) Finally, the allowance could go towards running a business such as eBay selling (use the money to buy items for selling) or setting up a local business using your talents (lawn mowing, computer repairs etc.)