Even very young kids like to help with tasks around the house and can be taught some amount of responsibility. Children’s allowance can give them a way to collect money to purchase the things they would normally ask their parents to buy for them.
The kids allowance should be based on the age of the child and the tasks that they are expected to complete. If a ten year old wants to earn money to go skating each week and it costs five dollars, then it may be necessary to help the child find enough work to earn the money. Not only will they enjoy earning their own money, but they will feel more a part of the family unit.
The money earned by children should not be used to discipline them. If the assigned jobs have been completed then the child should be paid for their work. Unacceptable behavior in other areas should have nothing to do with their allowance or the ability to earn it.
They should be paid for working, but they should not be paid if they fail to do jobs that have been given to them. They may need help for a period of time to complete certain tasks, but the tasks need to be finished. They cannot learn responsibility if paid for doing nothing.
Teaching kids to save money early is also important and purchasing a special bank can get them started. Place a small deposit in it for them and encourage them to place ten percent of what they earn into their savings. This money can be used for things they want in the future.
If they consistently save money, they can be rewarded by making an additional deposit. Matching the total amount of their savings may also be something special to do. This is a good time to explain how a bank pays interest and that the interest you are paying is in their future.
Allowance for kids is an important topic therefore make sure you don’t forget about teaching this to your kids!