Everyday Cheapskate: Give Your Kids Flying Lessons
Kids of elementary school age are becoming aware of the real world around them. They are eager to learn and still believe everything adults tell them. And they want their own money.
For all of those reasons, I suggest that now is the perfect time to start a simple allowance system. This will create wonderful opportunities for you to pass on your values as you closely guide your young children through simple lessons on giving, needs-versus-wants and delaying gratification.
So, how much allowance should a young child receive? The amount depends on your financial situation. Some families set allowance according to age -- say, $1 for each year of age. This eliminates questions about when and how much to increase.
At this age, kids do better with close supervision and short time frames, so receiving their allowance weekly is best.
SHOULD IT BE TIED TO CHORES?
Many experts say allowance should absolutely be the payment children receive for doing their chores and assigned jobs. No work, no pay.
Others feel that citizens of the "family community" should share in its income and responsibilities. They say an allowance should not be the payment for chores, but they add that with privilege comes responsibility. Citizens must do chores and jobs because they are part of the community. That's what good citizens do.