Updated: May 13, 2025
When it comes to teaching kids about money, one of the biggest questions parents face is: Should we give them an allowance or make them earn wages? In this episode of The Catholic Money Show, The Teixeiras tackle this hot topic from a Catholic perspective, blending financial wisdom with virtue-based parenting.
You’ll hear why some parents advocate for allowances, while others swear by paying for chores—and how Jonathan and Amanda have thoughtfully chosen a both-and approach. Learn how to balance gifting money as a teaching tool with paying for work to instill a strong work ethic.
Whether your goal is to raise money-smart kids or virtuous stewards, this episode will equip you with practical strategies and real-life examples from the Teixeira household. Plus, hear why the concept of work itself has inherent dignity and how to cultivate that mindset in your kids.
Resources Mentioned:
Wallet Win Kids: Financial literacy program for gradeschool, middle school, and high school—now 20% off through April 4th. walletwin.com/kids
Budgeting Basics: Learn to build a family budget at CatholicBudgetGuide.com
Follow Wallet Win:
- Instagram → @walletwin
- YouTube → Wallet Win Channel
Music in this episode is by Dylan Gardner – check out his album Almost Real on iTunes, Spotify, or wherever you listen to great music.
💬 What’s the Best Way to Teach Kids About Money?
When it comes to teaching kids financial responsibility, parents often wonder:
- Should we give them an allowance?
- Should we make them earn wages through chores?
- Or is there a better way to do both?
In this week’s episode of The Catholic Money Show, Jonathan and Amanda dive into the debate from a Catholic perspective, sharing how their approach balances both financial wisdom and virtue-based parenting.
🏡 Allowance vs. Wages: What’s the Difference?
Parents often find themselves on one side of the debate:
- Allowance: Giving a set amount of money on a regular basis, regardless of work done.
- Wages: Paying kids only for completed chores or tasks.
Jonathan and Amanda discuss why some parents swear by allowance as a way to teach budgeting and saving, while others prefer wages to instill a strong work ethic.
But instead of choosing one or the other, the Teixeiras have thoughtfully combined both methods to raise money-smart, virtuous kids.
💡 The Both-And Approach: Finding Balance
Here’s how Jonathan and Amanda handle it:
- Kids receive a small allowance to learn how to manage money, budget, and make simple choices.
- They can earn additional money through chores, teaching the value of hard work and the dignity of labor.
- This system encourages both responsibility and generosity—a hallmark of Catholic stewardship.
“The concept of work itself has inherent dignity,”
Amanda shares, explaining how even young children can learn that earning money is part of their vocation as stewards of their blessings.
📝 How to Start the Both-And Approach at Home
- Set Clear Expectations: Make a list of regular chores that are just part of being a family member (no payment), and additional tasks that can earn extra money.
- Talk About Work as a Gift: Help your kids understand that work is not just about money—it’s about building character and contributing to the family.
- Encourage Generosity: Teach kids to tithe a portion of their earnings or allowance, reinforcing the habit of giving back.
- Start During Summer: With more flexibility in schedules, summer is a great time to introduce the system and see how it works for your family.
🎁 Resources Mentioned in the Episode:
- Wallet Win Kids: Financial literacy program for gradeschool, middle school, and high school—now 20% off through April 4th
👉 walletwin.com/kids - Budgeting Basics: Learn to build a family budget
👉 CatholicBudgetGuide.com
