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.