Should my child get an allowance? If so, how much? Is giving my child an allowance like paying them for doing their chores? At what age do I start giving an allowance? These are all questions a parent might ask when considering giving their child an allowance — and are apt to return as many different answers as there are parents who respond. (Debating the merits of an allowance is popular among parents!)
As parents, we want to raise smart children that grow into responsible adults. So, how can we give them a head start when it comes to money management? Many parents will agree that doling out a weekly allowance is great way to start. Here are a few tips to help ensure your child will benefit from getting an allowance.
If you give your child an allowance for doing their chores, you will be helping your child to understand the value of working for a living; however, like many parents, you may consider chores to be a family obligation and an allowance a separate entity. As a parent, it's your choice to give an allowance freely or in conjuction with chores, but either way, set up some expectations; it's important for your child to understand what the allowance is to be used for. Here are a few things to consider.
This can depend on a number of factors.
There isn't a hard and fast rule when it comes to the correct age to start giving an allowance. After the age of three, use your child as a guide: When they seem interested in money it's probably a good time to start.
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