If your child is old enough to understand the concept of money, you’ve probably considered giving them a weekly or monthly allowance. Until they grow old enough to apply for a job, an allowance is really the only way to give them real world experience in money management.
But how do you decide the right amount? Should an allowance be given freely or tied to chores? How much control should you exert over the purchases they make? Is it even a good idea to give an allowance in the first place?
During my years working as a personal finance writer, I’ve met plenty of financial experts with children. Here’s how some of them approach the topic of allowances when it comes to their own kids.
The Case for an Allowance
The experts agree – giving your kids an allowance helps them practice money management skills and learn about budgeting – but the best way to implement an…