Allowance for Kids: How Much to Give

The main purpose of giving allowance to children is to actually allow them manage their money. A certain amount of allowance given to children should be spent responsibly. Thus, along with enjoying the privilege of spending money, kids need to understand its value. The amount to be given depends upon the needs of children. There is no standard set for an allowance to be granted.

Allowance for Kids
Parents need to sit with their children in order to decide on the amount of allowance to be given. A discussion with the child helps to fix the amount roughly. Parents get to understand the priorities and spending patterns of kids through such discussions. For example, a child might be interested in spending more on cell phone bills instead of fancy clothes excessively in order to be in touch with his friends. Pros and cons should however be considered and appropriate decisions need to be taken in such cases.

The best thing about allowing children to manage their money is that they learn to plan and don't keep on nagging the parents for money. Setting their own goals or budget plans makes them accountable for the money spent and there are less chances of children complaining thereafter. Along with instilling values in children, making them responsible in terms of spending money is important. It is an equally important part in the process of raising kids.

Age-wise Allowance
Children's age is the most important factor in deciding the amount of allowance. The needs may shoot up exponentially within a period of even 2 - 3 years. One shouldn't expect the allowance amount of $1 for a 10 year old kid to increase at the same rate till the age of 15 years. A 15 year old will have much different needs. Given the lifestyles changes, high costs of even basic needs, planning is very important for the allowance budget. The effects of inflation should also be taken into account. Siblings with an age difference of 2 - 3 years may get different amount of allowances. It should not lead to arguments and children should be explained about the differences in allowances with the help of proper reasoning. Giving equal amount of money is not a solution, since it would prove to be unfair for the older child.

Chart of Allowance
A kids allowance chart can be prepared in many different ways depending on the age, spending patterns and the child's ability to take decisions. Parents can set a certain amount for the daily chores to be performed in the house. The different chores in the house like dish washing, lawn mowing, watering the garden plants, etc., could be assigned to children. The following chart would help.

Chores	Amount
Mow lawn	$4
Taking out the trash	$1
Sweeping	$2
Vacuum cleaning	$1
Washing kitchen counters	$1

Allowance for Kids: How Much and How Often
The time at which allowance is given or how frequently a child receives allowance depends on the family budget and their own needs. Some parents give allowance on a daily basis while others on a weekly or a monthly basis. Giving a monthly allowance would prove to be easy in terms of planning and setting the expenses. Some parents also make it a point to give allowances when kids perform well in their exams. However, the allowance issue need to be considered separately. This is because the whole purpose behind giving allowances is to make them think independently and any other kind of pressure shouldn't be applied. The chores that children perform should enable them to learn new things. The planning in deciding the allowance amount might go wrong and one should let the children loose at times. Getting too harsh or strict about the whole allowance issue might lead to a big disaster. Children would then prefer not to ask for allowance and make their parents pay for everything. Read more on ways to make quick money for kids.

Thus, all the factors mentioned above would help in dealing with the allowance for kids in a better manner. Children learn a lot from the whole process and parents too a relieved of many worries. It is one way of instilling confidence in children and helping them to become more responsible in the future.