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Are allowances healthy for kids?

Are they good or bad?

I struggle with the concept of giving my kids an allowance. I understand that there are benefits to it, yet I am not sure if it is a good idea. Some of the benefits are that children learn about money and how to budget it, but you must teach them this concept. It also gives them opportunities to purchase things. They can learn how to save their money this way, and it might give them a good idea about how to spend their money wisely.

I had come across information about this once, and I remember learning several key factors to giving an allowance. The first factor was a child’s age. You should only give an allowance to a child that is old enough to understand it. Another factor is the amount. This is the part that I am always unsure about. I once heard that you should give kids $1 for every year old they are. For example, a 7-year-old child would get $7. Using this method, a 16-year-old would get $16. In my opinion, a 16-year-old needs more money each week than a 7-year old, so I am not sure that this is a good theory.

The next most controversial issue with this is whether to attach chores to the allowance. This is a tough question that I am not sure about either. These questions are very difficult, and personally, I don’t give my children an allowance. Although I see some good points with this, I also don’t really know where to begin.