Now that our children are getting a little older our thoughts have turned towards giving them allowance. How do you know the time is right for an allowance? How much do you pay? Here’s how our family handles the big questions about an allowance before it even gets started.
When to begin paying an allowance? In our household it was right around the age of 5. The most important thing is for the child to be able to understand the concept of money. They need to know that money is used to pay for the items they want and need and that there is not an unlimited amount of it. Once that happens, the time is right for paying an allowance.
To pay or not to pay. Experts in the fields of parenting and money do not recommend paying for good grades or doing household chores. So what does that leave?
Continue reading . . . “Do you allow for an allowance?”