subject: Children Allowance: Giving Kids Spending Power [print this page] Children Allowance: Giving Kids Spending Power
Many parents find giving children allowance can be beneficial for the kids, in a number of ways. For starters it introduces children to the concept of money and spending. Also, if they are responsible for their own money they often feel more independent.
They are no hard and fast rules when it comes to giving children an allowance or pocket money. Many parent set aside a certain amount to give the child each week or each month. The parents have to decide what they think the appropriate amount will be and this can often depend on age. Foe example an older child may receive more than their younger sibling.
These days, a lot of children receive their allowance as payment for completing certain chores. Each chore is assigned a monetary value, a rate if you will. Younger kids of course will be given quite simple tasks to complete. And successful completion is really good for their confidence.
Most chores that kids can easily help with are everyday tasks around the house. Smaller children of course cannot cope with too much responsibility and are usually asked to do quite simple chores. Common ones for younger kids could be setting the table or washing vegetables. Tasks they can easily complete.
Learning about saving money is a something that stays with us into adulthood. If we learn about it as kids, the chances are we will, in theory, be more responsible with our hard earned cash, later in life. Also, saving teaches kids about goals. And the rewards in achieving their goals, such as buying the latest toy or game.
Children allowance can also be beneficial for our kids in other ways. Being responsible to some extent for their own spending power can make them appreciate what they do end up buying more than if it has been given to them. Also, if they receive their allowance by doing chores, they learn the value of working for a living.
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