What is a good age to start giving a child an allowance to purchase items they choose themselves?
I understand parents can continue to purchase clothing, food, and other necessities, but what is a good age for a child to earn their own money for items they choose to buy (candy, games, toys etc.)?
We (my hubby and I) started our 15 and 14 yr olds about 2 years ago. We usually do it two ways. We started with a $50 visa/mc gift card for each, plus $20 bill each. The cash is for whenever they needed to give offerings in church or quickly buy stuffs like snacks in school. Then you can gradually increase the amount as they grow older.
Using the Gift cards really made it fun as it gave them a sense of what having a credit card feels like, only they don't have to deal with the end-of-the-month billing cycle. And before time they were both very careful what/how they spend their money.
It all part of teaching them financial responsibility and the art/act of giving.
It really depends on the child and their understanding about money. No one knows better than you what your child is capable of especially when it comes to spending money and becoming apart of the consumerism public.
But they should at least know how to count. I also encourage that you give them some responsibilities along with handing out money, a gift is one thing, earning the money is another.
Another good thing is to give them some guidance on how to spend their money. Some kids are instinctively better about money than others but it is a learned concept, teaching a budget/saving concept is also invaluable.
But you know best and you can help them a lot when you teach them as soon as possible how to use money well. Allowances are good for that reason.
We started giving an allowance at the same time as we started giving chores - age 4. At age 4, my daughter gets $4 each month. She saves $1 and gives $1 to church and does whatever she wants with the other $2. It seems like such a small amount, but she is doing really well with it.
by FreezeFrame345 years ago
What are your feelings on an "allowance" and at what age do you start?
by Brittany Kirk2 years ago
Hi Hubbers,I'd like some help with passing the Quality Assessment Process. Will you please give feedback on my Hub Giving my kids allowance yes or no (must be signed in to view). What can I do to improve? Thanks!
by jaydawg8084 years ago
As a child, did you receive an allowance?I surely did not! All the money I earned was from working.
by MargaritaEden5 years ago
At what age you start giving your kids allowance?
by slaffery5 weeks ago
At what age do you think a child should be able to hold a two-way conversation?
by Cindy Lawson4 years ago
How much pocket money / allowance do you give to your children?
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