Children Allowance: Giving Kids Spending Power
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Written by: pepperscos
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Date: Tue, 28 Jun 2011 |
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Giving children allowance is a good way to help teach your children the value of money. It can also help children to be more independent and gives them a sense of responsibility. There is no official age to start giving your children an allowance or pocket money. Some parents start from as young as six or seven years old.
The way parents choose to give their children pocket money or their allowance varies depending on the parents. Some choose a specific day each week or month, to give the child a set amount. The amount the child receives may depend on their age, with younger children being given less than their older brothers or sisters.
These days, a lot of children receive their allowance as payment for completing certain chores. Each chore is assigned a monetary value, a rate if you will. Younger kids of course will be given quite simple tasks to complete. And successful completion is really good for their confidence.
By doing chores around the house, kids are contributing to the day to day running of the house. This can help bring the family together in sharing the tasks and performing them together. Also in doing these chores kids get to learn new skills, which they need later in life.
Learning to manage their own money at a young age teaches children valuable lessons for later in life. Saving up in order to buy something they really want gives them goals to work towards. Also, they will learn about the monetary value of their chosen toy, game or other product and how much time they will need to save up for it.
Receiving children allowance can have many other benefits for kids. As they learn the value of each coin or note they receive, they will also be developing their mathematics skills. If they are 'earning' their money through chores, they will also learn the concept of working for money.
Derrick Janson is an expert in Teaching Kids About Money . He has taught about children allowance topics, budgeting, saving money and making money for kids.
Source: Children Allowance: Giving Kids Spending Power
http://www.financebusinessarticles.com
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