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Lay the ground rules So...how much allowance should kids get? The goal in giving an allowance for children is to introduce them to having their own money and learning how to spend it - and to save it for larger purchases. With that in mind, here are some possible calculations for kids' allowance:
The last option probably gives the best balance between having enough money to make it feel tangible and actually be able to do something with while not providing so much that your child is overwhelmed. To get a sense of what the U.S. averages are, take a look here. Try not to fall into the trap of giving too much kids' allowance and then offsetting it by increasing what the child should pay for. This can be overloading kids with responsibility that they are not ready for. Instead, think of these ages as though they are on allowance training wheels. In this stage, how much allowance they get is less important than getting a system in place and starting to have the kids manage some of their own money. Remember that these are only guidelines and suggestions to get you started. The key is to take these and adapt them for your family so you can figure out for you and your family how much allowance to give to your kids. What if your kids are ready for the next step - what if they are tweens or preteens? Take a look at our
tween allowance page.
If you've got full-fledged teenager, check out our
allowance tips for teens. Return to Allowances for Kids (and Teens Too!) from Allowance for Children Return to Kid Money Basics Return to money-and-kids.com |
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