Many parents find giving children allowance can be beneficial for the kids, in a number of ways. For starters it introduces children to the concept of money and spending. Also, if they are responsible for their own money they often feel more independent.
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.
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.
Children allowance can also be beneficial for our kids in other ways. Being responsible to some extent for their own spending power can make them appreciate what they do end up buying more than if it has been given to them. Also, if they receive their allowance by doing chores, they learn the value of working for a living.