It’s a good idea to consider starting an allowance for your child by the time they start first grade. By that time, your child will be able to learn more about money. They’ll need to start some time. The sooner the better. Here are some tips and suggestions on what you may want to consider when thinking about giving your child an allowance:
Tip One:
How much allowance should I give my child? Well, make sure the amount you give your child is affordable to you and fits within your budget. Consider giving your child a certain amount of money per week based on their grade level or age. Make sure the amount of the allowance that you give your child each week is realistic for your budget. Be comfortable with the allowance you’re giving your child.
Tip Two:
Set-up chores for your child which is age appropriate and chores that your child will be able to handle with ease.
Tip Three:
Consider giving your child a weekly allowance on the same day of the week. It this is not realistic for your budget, consider giving the allowance to your child every two weeks or on a monthly basis. Make sure the time frame that you give the allowance is around the same period of time on a weekly, monthly or bi-weekly basis.
Tip Four:
You may want to consider giving your child a bonus amount on top of the allowance they receive for doing extra chores. Again, make sure that if you are considering doing this it fits within your budget.
Tip Five:
Make sure the allowance you give to your child does not include their school lunch or supplies they need for school. These expenditures should be separate from your child’s allowance.
Giving your child an allowance is important when you’re trying to teach your child about responsibility and budgeting for their personal finances. The earlier your child is able to learn how to manage their finances the better. By giving your child an allowance, this helps them as they grow older and assist them in knowing how to manage their own money for the future.
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