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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