subject: Children Allowance: Kids And Money [print this page] Children Allowance: Kids And Money
Giving children allowance is a good way to help teach your children the value of money. It can also help children to be more independent and gives them a sense of responsibility. There is no official age to start giving your children an allowance or pocket money. Some parents start from as young as six or seven years old.
Some parents choose to give their children a set amount weekly or monthly. As the child gets older, the amount is usually increased. For example, the child or children will receive an increase on their birthday.
Many parents choose a chore-based system for giving their children their allowance. The parents or parent then assigns a specific amount for each chore completed. It's important not to assign a task that the child may struggle to complete, as this will just frustrate them. Of course the chores given will depend on the age of the children.
Typically chores will involve helping out around the house. Children are usually asked to start with relatively simple tasks like taking out the trash or setting the table for family meals. This way the child or children are getting involved in the daily routines of the household and contributing to the work of the household.
Learning to manage their own money at a young age teaches children valuable lessons for later in life. Saving up in order to buy something they really want gives them goals to work towards. Also, they will learn about the monetary value of their chosen toy, game or other product and how much time they will need to save up for it.
Receiving children allowance can have many other benefits for kids. As they learn the value of each coin or note they receive, they will also be developing their mathematics skills. If they are 'earning' their money through chores, they will also learn the concept of working for money.
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