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Do you think giving kids an allowance is good to teach them about finances?

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  • Do you think giving kids an allowance is good to teach them about finances?

    My friend has a 6-year-old boy. He started helping his mom around the house and she gives him a weekly allowance for doing these things. I believe she gives him $20 a week. So he is making like $80 a month. They both never get him anything extra unless it is for his birthday or Christmas. They started doing this in spring and he has spent some money but he has also saved some of it which I was impressed with.

    Do you think giving kids an allowance is good to teach them about finances?

  • #2
    I was given allowance when I was young, it thought me how to save so I can buy the things that I wanted. For me, it teaches us.

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    • #3
      I think it depends on the child and the age. $80 a month sounds like a lot to be giving to a 6 year old. I think I would start at about 8 or 10 and allow them to choose. If they want to earn extra money they can but I wouldn't force them to but they also can't ask me for money either.

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      • #4
        My wife and I have agreed to start this at the age of 10. Prior to that, it will be basic teaching. Learning how to work the washer and dryer, clean dishes, run the dishwasher, vacuum, and so on.

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        • #5
          Absolutely! Children who learn to budget money earlier in life tend to have better control when they are older. If a child doesn't learn to spend and make spending decisions, it will be a lot harder when they become teens and need to manage bills.

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          • #6
            I don't have kids and it isn't something I really think about. I am the kind of guy who will cross the said bridge when I get there.

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            • #7
              I don't have any children yet, not sure if I will but I think it is important they learn about money. If they grow up thinking money or supplies is abundant they develop an unhealthy mindset in the world. Like they will think the government or country should be paying everything for poor or lower class people, people in other countries, and supplying things without fully understanding how the money works or where the resources come from.

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