for children can be a touchy subject for parents.
Some parents believe that their kids should not have
an allowance and some do. Others would like to have
their children receive an allowance in return for
that all children should receive an allowance.
Period. An allowance, no matter how large or small
(the amount is up to you and I will cover that in
a bit), will provide you a perfect opportunity to
teach your child about the value of money and the
basics of managing personal finances.
should your kids have an allowance?
- An allowance
will help teach your child how to become an
adult with good money management habits.
- This will
help them set financial goals and learn how
to live within a budget.
money will help them make choices for themselves
and understand how to balance their needs with their
- They will
realize that everything has a value attached
to it. They will start to understand they can't have
everything that is advertised on television. A big
plus if your kids are always asking "Can I have
much should the allowance be?
allowance will probably be based upon factors such as
the age of your child, your financial values and what
the allowance will be used for.
set the allowance too high or too low.
too high & what is too low, you ask?
the allowance so high that tough choices never arise
for your child when making a financial decision. Your
kids will not learn how to set budget limits or have
to save up for a purchase.
On the other
side of the coin, if the allowance is too small, they
will not have many opportunities to make any financial
decisions. If they can't flex their financial decision
making muscles because the amount of allowance is too
low, they are missing out on learning opportunities.
As your child
grows, the allowance should probably grow as well, since
the items they will be making financial decisions on
will be a bit more significant than gumballs and lollipops
when they were younger!
often should my children's allowance be paid?
are quite young, probably every week. As they get better
managing their money and setting and following budgets,
move it out to two weeks. When they are young teens,
maybe once a month is adequate. Everything is up to
you of course, so see what works for you and your kids!
take the time to consider saving for your children's
college. Upromise is a great way to help save for
I first found out about Upromise I was so excited!
Why? Because you can save for your children's education
just by doing what you are already doing! When you sign
up, a portion the money that you spend already on gas,
groceries, resturants, online shopping and more get's
deposited in your account for their school expenses!
It's a completely free way to help you save for college.
Upromise, a portion of the money you and your friends
spend every day on groceries, resturaunts and and much
more will go into an account for your children's college!
- FREE Money for College!