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CHORES AND ALLOWANCES FOR YOUR CHILDREN

Giving your child a regular allowance is one of the best ways to help him or her understand the whole idea of budgeting and saving. It also encourages independence and allows them to take responsibility in their purchasing decisions. You should also bear in mind there are many things to take into consideration if you are considering an allowance for your child.

What age to begin - It is probably best to wait until your child is at least 6 years of age. Before that a child usually does not understand what money is all about.

How often - Allowances should always be paid on a regular schedule. For younger children a weekly allowance seems to work well but as children get older, it may work better to offer a monthly allowance. This is where the skill of budgeting will come into practice and will allow your child to save for larger purchases. Whichever schedule you choose always follow through. If you forget to pay your child's allowance you are teaching irresponsibility. If you can't be responsible, how can your expect your child to be? Lead by example.

How much - Have a talk with your child and decide what expenses the allowance will cover. It is important to be reasonable. If you give your child too much money you may give him or her the assumption that things come too easily. If you give them too little you may be giving them the impression that things come too hard. When deciding how much to give, take into consideration that basic clothing and school supplies are a caregiver's responsibility and not the child's. Some experts suggest trying a weekly allowance equal to 1/2 the child's age.

What is the allowance for - Most childhood development experts agree that you should not connect allowances with chores. Children should understand that the reason they need to help out with the chores is not for a reward, but because they are part of a family and everyone needs to do their part. Allowances are to teach children how to handle money but you can offer to add to their allowance if they want to do any extra chores that are not part of their regular responsibility.

No allowance as a penalty for bad behavior - It is not a good idea to dock a child's allowance. If you dock their allowance they most probably ask for more money anyway. It is better to take away privileges such as no video games or TV for a set time. Always keep in mind that the punishment should fit the crime.

It is the responsibility of the caregiver to meet the child's basic living expenses. Anything above that should be discussed with your child. A child's income from allowance and extra chores should be negotiated and understood by the child and the caregiver. In this way you are helping your child learn to handle money and also make responsible decisions.

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