Should I Give My Child an Allowance?

Giving your kids an allowance is a great way to teach them money management skills at a young age. Learn the pros and cons of an allowance and how to get started.
  1. Amber Ruloph says:

    We were JUST discussing giving our son an allowance! He is 4 and a half and very helpful around the house! We are going to start giving him a small allowance every week as a reward for being so helpful and it will also help us because he then becomes responsible for saving up for those toys he wants when we go to the store. I think it’s important to teach kids money management young because I wasn’t and have struggled as an adult. Now that I’ve found your budget by paycheck I’m finally able to get a hold on my own finances and I want my son to see and understand how important that is! Thank you for all you do!

  2. Joanne Waddington says:

    This is something that I have been thinking about a lot lately. I have a daughter who will be 13 in a couple of weeks. I want to give her an allowance but I struggle with what it should cover i.e, cinemas trips with friends, clothes, swimming with friends etc. If I set an amount and she spends it and her friends want to do something I would feel so guilty that she couldn’t join in. I really need some advice.

  3. Justina Mercer says:

    This is so helpful! I had very little guidance regarding money growing up and at 40 I am both trying to figure it out and teach my kids at the same time. Thank you for the guidance and motivation.

  4. NN says:

    Great article! I give my 7 year old $7 a week and my 3 year old $3 a week. It isn’t tied to chores. It’s just for practice. Other than birthdays or holidays, they have to save their own money to purchase their own toys.

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