How To Set Your Child's Allowance

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Paying a child to do errands can teach them responsibility, if you do it the right way.

To complete this How-To you will need:

An agreed on weekly amount
Consistency
A savings account

Step 1: Start early

Start giving your child an allowance around the time they start first grade.

Step 2: Compile a list of chores

Most parenting experts agree that children shouldn't receive an allowance for doing daily chores, like cleaning their room or washing the dishes. But, some experts suggest parents pay per-chore for extra, less frequently done chores like cleaning out the garage or mowing the lawn.

Step 3: Set an amount

Set a weekly amount: Consider 50 cents to $1 per year of age per week. Your child should use their allowance for discretionary spending, not essential purchases like food or school supplies. This lets kids learn from their buying decisions and mistakes without overly harsh consequences.

Tip: Set a day of the week when you pay the allowance, and always pay on time.

Step 4: Make them save

Require your child to save a percentage of their allowance each week into an account in their name. It instills a sense of pride and teaches money-management skills. Encourage them to donate occasionally to the charity of their choice.

Step 5: Look beyond cash

Ask your child if they'd like some of their allowance put on a gift card to a store that has something they want to buy, or into an account they have with an online store. This teaches goal-setting, since they're saving for a specific purchase.

Step 6: Encourage them to keep track

Have your child track their purchases. Seeing their financial choices in writing helps them learn how to make better decisions about saving and spending.

Step 7: Be flexible

Don't be afraid to modify the arrangement as time goes on if some aspect of it is not working for one or both of you.

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Category:

Howto & Style

Tags:

• HomeFamily
• parenting
• children
• kids
• allowance
• money
• managing
• teaching
• giving
• setting
• amount

[MultiRump]

w-w-wait $1 per year? Wut the FUCK!

[rotnakleugim]

@MultiRump per year of age per weak. not per year

[jerky369]

@HeJakeLong and thats i get more than you (OHH WHAT THE FUCK!?)

[HeJakeLong]

da fuck.....per dollar of age....im 14 i get 10 bucks what.the.fuck

[Hello312Kitty]

Why am I watching this , I'm 14 years old with no kids?

[jazzer741]

@rotnakleugim week*

[IamJustinAdam3]

How the fuck is raking rocks "mowing the lawn"?

[fatsonic100]

@MultiRump your welcome but that was lol

[MultiRump]

@fatsonic100 thnx

[fatsonic100]

@MultiRump lol

[skexee]

poor kid cant afford the new xbox.

[scotstylefilms]

@LucyTFNelson more like $60 a month... I never got £40 a month, that's pretty damned healthy :)