Read a great article this weekend in “The Orlando Sentinel” about allowances for children. Here’s some of the advice the author gives about how much to give your kids:
Beginning around the ages of 5 to 7, give 50 cents for each year old the child is.
At age 10, give $1 per years old.
Ouch, that second one could get costly for parents. A 14-year-old will get $56 a month. With the rising cost of gas and food, $56 would be a substantial chunk out of the family budget. I remember when I was in about the eighth grade, I got $5 a week. And, I was happy for it. A classmate of mine got $10! Her parents were rich. I remember dreaming of what I would do with $10 a week.
Since my son is only two, I don’t have to deal with this issue for a few more years. Gives me time to decide how much, and for what, I’ll give him.
The article goes on to talk about giving your kids money as a tool, to learn from and to teach proper work ethic. Read the full article here.