How Much Allowance For Kids?
An allowance is an important part of growing up and plays a significant role in developing the ability to manage money. Seen this way, your management and communication about it may be different than if you think of it as just a tactic to control the inflow of toys into the house. When to begin a kid allowance? Age six would be the right time to start, after kids can count and begin to understand the price of different things they want to buy. And, how much to give? A good rule of thumb is $1 for every year of age, or so says TheAllowance: It’s Not Just About Money in the NewYorkTimes. Or, as the article counters, “half of that,” noting that most people decide the allowance based on a very unscientific survey or friends and family. The New York Times article cites a Yankelovich study, breaking down allowances to $5 to $9 for six to eleven-year-olds, and $10-$19 for 12 to 17-year-olds (which conveniently fits the rule of thumb). Like so many things in the financial area you’ll have to f
