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Question of the Day – Kids and Money
By JLP | October 2, 2006
We got our kids’ report cards today. My question of the day is related to report cards:
My wife and I do pay for grades but ONLY if they make straight A’s. For straight A’s we give our boys $20. I understand that this is somewhat controversial so I’m interested to know what other parents are doing.
Topics: Kids and Money, Question of the Day | 13 Comments »
October 2nd, 2006 at 9:21 pm
Our younger 2 are currently graded w/numbers (1,2,3), so our 11-year old is the only one w/grades. In the past we have sent some cash his way here and there, but now are more likely to just say well-done or perhaps treat him to a new book about cars from the bookstore. Good grades aren’t a struggle for him. He’s the one who will turn around GM w/an amazing car design!!
October 2nd, 2006 at 11:25 pm
As a young person (early 20s) I have fairly recent experience from the other side of this issue. I personally remember that one of the most frustrating experiences I had as a teenager was the feeling that perfection (straight A’s) was too difficult to be worthwhile, and everything else was equally bad in my parents eyes. I would suggest that parents compensate children for all A’s and B’s and frequently as possible. I would suggest B-=$1, B=$2, B+=$3, A-=$4, A=$5, A+=$6. Parents should be aware of the dates of ALL progress reports and report cards and get at least 4-6 a year. This is much better than simply rewarding an end of semester report card because it incentivizes the kid in the middle of the semester. I would also deposit all of the money in a checking account shared with the kid.
October 3rd, 2006 at 5:53 am
I actually got money from my parents for grades when I was in high school, although only on my final results of my final year. I think it was a last resort on their part. They offered me $100 per A and $50 per B. It was pretty much outright bribery, but many years later I’ve realised that, hey, the better your career work is, the more money you get, so I can’t imagine why it shouldn’t be the same with school work. What’s more, being paid for high marks ended up with me wanting high marks for their own sake, because it tricked me out of being too cool (read: peer-pressured) to care about my grades.
I will definitely do the same with my kids, starting a few years earlier. I personally would not give rewards only for straight As – I think that’s inviting stress, frustration and disappointment. A scale of payments says, “Hey, you decide; you’ll get back what you put in.” Straight As only says, “Be perfect or don’t bother,” which is not a lesson that I’d want my kids learning.
October 3rd, 2006 at 7:36 am
$20 for each A+, $10 for each A, $5 for each B, -$10 for anything less than a C. I give a cheque that we take to the bank together. If the total is more than $65 (8 subjects) then the trip to the bank also includes dinner and a trip to Yuk Yuks (a comedy club in the big city).
October 3rd, 2006 at 8:05 am
I don’t pay for grades anymore. I used to. Then I realized that I was rewarding her for something she is already required to do. Doing her BEST in school (be it As, Bs, or Cs) is a MINIMUM expectation and anything less is not tolerated. However, if she does EXCEPTIONALLY well, shows SIGNIFICANT improvement, or demonstrates that she’s overcome the odds in a subject where she was struggling, then we’ll celebrate but she will not be monetarily compensated.
October 3rd, 2006 at 8:15 am
My mom used to pay my siblings and I for straight As. It was always a big incentive for my siblings, but not so much for me. What really motivated me was getting into the college of my choice. I guess it depends on the child, but I don’t see anything wrong with the practice.
October 3rd, 2006 at 8:25 am
I always wished my parents paid me for my grades since I got good grades anyway, and a bunch of the other kids on my block got money for their grades. But whatever method you need to motivate your kids, especially the smart kids – DO IT! Although I always got A’s and B’s without trying, I never actually applied myself and tried for more A’s because I didn’t feel like it mattered. It was only until senior year of high school that I realized how much my high school grades mattered for college. Most kids just have the goal of getting through the quarter or year without doing badly, but whatever method you need to use to convince them to try harder will pay off in the end. If my parents had paid me for A’s and not B’s I probably would have gotten a lot more A’s!
October 3rd, 2006 at 8:37 am
What’s the point exactly? I want my kids to do their best at anything they try, and I certainly value education. However, I am under no delusions that the educational system today will equip my kids for the world they are going to be adults in. What’s a grade really? I will however teach them about money, how to manage it, and how to grow it. How they learn to make and handle that $20 is the most important thing.
October 3rd, 2006 at 9:20 am
My parents took an approach similar to Single Ma’s, and it worked. I’d worry that paying reinforces the idea that academic excellence is something you should only worry about if you want a little extra spending money.
October 3rd, 2006 at 9:36 am
My family made it a point to go out to dinner together when we had good report cards, rather than paying us cash. I got very good grades without being directly incentivized. More to the point, I didn’t shrink from taking a really demanding schedule because I might miss that “A” while in honors classes. Of course, my high school had a policy of putting honors classes on a 5-point scale, rather than a 4-point, so some of us graduated with a better than 4.0 GPA anyway.
They do matter, regardless of scale. Grades are still a signal, and whether a student goes directly off to college or to the workforce, someone is going to be looking at their transcript for at least the next few years out of high school. I think it’s important for parents to follow Single Ma’s example, and demand that every child put in their best effort.
October 5th, 2006 at 3:13 pm
I feel that paying for the grade itself might give the wrong impression. Just like paying executives for a company’s high returns etc… I think that it’s better to give the kids a reward for perfect attendance or completing all assignments or improving a failing grade etc… That teaches them to try harder and to do their best constantly to excell. We have to remember that not all kids are “A” or “B” students. Some have to bust their butts just to maintain that C average while some can skip half their classes and still get A’s.
I’d rather pay my son a dollar (see how old I am) because he displays that dogged determination than on actual grades. That way there’s a reward for trying hard, regardless of the resulting grade.
Remember – it’s not the grade that make us rich; it’s the knowledge and drive that we have.
Just my 2 cents…
October 6th, 2006 at 8:17 am
My parents tried to impart the desire to get good grades. We never received money for doing our best.
However, something I found – oddly enough without my parents guidance – was that reading and having the ability to absorb knowledge through reading was extremely important.
With our 4 children however, we will provide some monetary offer if they achieve A’s or B’s. However C and below will provide them with a “good job, so what do you think you could do to do better next time”.
November 1st, 2006 at 11:11 am
Well, i have gotten paid for grades but only if i had above a C. Like if i had an A B B and a C i wouln’t get anything because that C took it all away. I don’t think that this was fair because i didn’t get any money for the things that i did well in. This practice is not bad, however, it may make the kids think that they will get rewarded for everything they do. The real world is not like this. Maybe there shouldn’t be any bribary. I guess it would be up to the parent. But i defiantly agree witht the person that said he would rather teach his kids how to manage that $20.00. Money manegement is really important.