How much child allowance should I give? A small amount of pocket money can be a great approach to teach kids on how to manage money and help them to learn how to decide on spending, and comprehend the advantages of budgeting.
There’s no single right approach to handle giving your kids money. Choosing when to begin, the amount to give and whether you need to connect the remittance to jobs around the house are choices that need to fit your own options.
Starting an allowance
No particular starting age is going to be best for every child, as they grow up at different rates. However, I think it’s best to consider starting when a child is around 10 years of age. By then, most children have had knowledge and awareness of spending choices yet at the same time will still want to go to their mom or dad for guidance.
The debate about whether it is logical to reward your kids for chores? Once more, it’s an individual choice. A few parents believe that it’s critical to make this association with the goal that children take in the relationship of having to work in order to be rewarded with pay. Others say that children need to have an obligation to help with housework, well beyond any money related motivator. If your child has already been helping out with household chores, it can be difficult to then switch to a situation where those same chores are now related to their allowance. In these situations, perhaps the two should not be connected, but you might still be able to use one to affect the other – i.e. if the child is not helping out around the house (as they’ve always done), then why should you help them out with an allowance?
This kind of arrangement establishes a decent model for your children and is a motivator for them to respect their end of the deal. In the event that you don’t stay firm and only pay them if the jobs are completed, they may lose that motivation and quit doing the errands.
Either way, most agree that money management is a skill kids should try to acquire.