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.
They are no hard and fast rules when it comes to giving children an allowance or pocket money. Many parent set aside a certain amount to give the child each week or each month. The parents have to decide what they think the appropriate amount will be and this can often depend on age. Foe example an older child may receive more than their younger sibling.
Many parents these days choose to combine giving an allowance with the child carrying out certain chores around the house. For younger kids, these of course will need to be quite simple. Popular tasks given to youngsters include setting out the cutlery on the family table for meals. The parents or parent then assign a specific amount to each task completed.
Typically chores will involve helping out around the house. Children are usually asked to start with relatively simple tasks like taking out the trash or setting the table for family meals. This way the child or children are getting involved in the daily routines of the household and contributing to the work of the household.
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.