Your 9-year-old daughter is pleading with you,
telling you what a great mom you will be if only you would buy her the newest Backstreet
Boys CD. Just an hour ago she was yelling at you, saying how mean you are for not allowing
her to sleep over at a friends during a school night. You're savoring the attitude change
and don't want it to end, so you buy her the CD. She hugs you all the way to the car.
Three days later she explains how the Backstreet Boys are sooo... out, and she has to have
the new Brittany Spears CD or everyone will think she's a geek!
Yes, it's time she had an allowance.
Three frequently ask questions by parents when considering an allowance:
- What age should I start giving an allowance?
- How much should I give?
- Should I make my child earn her allowance?
Let's take a look.
1) WHAT AGE?
Many specialist say that by the age of 3 or 4 children have learned that money can be
exchanged for food, clothing, toys, etc. As soon as your child seems to have an
understanding of this and is asking you to buy something for them every time you go to the
store, they are ready to have an allowance.
2) HOW MUCH?
One popular method parents follow when calculating how much allowance to give their child
each week is $1.00 per year of age. As your child gets older, however, you may need to
reevaluate the needs of the child. What is the child expected to pay for? Movies?
Clothing? Birthday and Christmas presents? Whatever you decide it is important to make
sure that it's enough for both spending and saving.
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