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Everyday Cheapskate: 5 Reasons to Give Kids an Allowance

Mary Hunt on

3. It puts an end to the nickel-and-diming.

You create a set budget item called "Kids' Allowances," and that stops that constant drip, drip, drip of money flowing from your pocket to random stuff for them.

4. It builds trustworthiness in a child.

By giving kids money to manage, you demonstrate that you trust them. And they soon learn that to keep the money coming, they need to become trustworthy.

5. It promotes self-confidence.

Managing money has a magical effect on a child's self-esteem. Teaching kids how to give some of their allowance to charity, save some for a long-term goal and spend some now gives them the tools of self-reliance.

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START YOUNG

There are no set rules for when to start an allowance program. However, I suggest waiting until kids are old enough to understand the concept of taking care of things and making choices, which is usually around age 6.

HOW MUCH?

Though many families use age to determine the amount ($10 for a 10-year-old is one example), think about how much money your child needs. Turning over money that you would be spending on them anyway is a good way to start thinking about this.

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