Use caution and discretion when your kid asks for extra money or an advance on their allowance. Once you’ve settled on an amount that’s appropriate for your child’s age and your spending expectations, there are a few more things to consider:īe consistent: You should try to pay an allowance on the same day each week. To maximize learning and saving opportunities, give your child half of their weekly allowance, and have them save the other half in a savings account or piggy bank.
If you feel that gives them too much money (does a seven-year-old really need $28 per month?), consider cutting the amount in half. Try giving your child one dollar a week for every year of age. For example, do you want your child to pay for their own movie tickets or just for candy and video games at the theater?Īn allowance should be enough to cover certain agreed-upon expenses and also allow your child the opportunity to save or share some money. Think about the expectations you have about how your child should use their allowance.
Naturally, the best one is the one that works for you and your child. As you might expect, there are many opinions about what works best. Perhaps the most challenging aspect of allowances is deciding how much is appropriate at each age. Using fake money to play a few rounds of “store” can help you determine whether or not they’re ready and give you some quality time together! How much do I give? You’ll know that your child is ready to handle an allowance if they understand the concept of exchanging money for goods and services, and they can determine the values of different coins and bills.
So, what amount teaches these money principles without breaking your wallet or giving your kids too much to handle? Here are some tips that can help you plan for your kid’s pocket money and introduce the concept of delayed gratification. An allowance can teach them how money works and help them understand that things have a price. There are multiple benefits to giving your children an allowance.
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