How Much Should Your Child’s School Allowance Be?

child-school-allowanceResearch says that six out of ten parents give their children allowance for school. How much money to give them per week is dependent on their ability to handle money matters. Children’s attitude towards money differ from each other. Children who grew up saving in piggy banks keep a certain portion of their allowance regularly while others who are used to spending a lot come up with empty pockets at the end of the week.

There are several ways to determine how much money to give a child per week. Some recommend giving a child 50 cents for each year of age while others say a dollar a year will do. The amount is also be dependent on the capacity of the parents to give weekly allowances.

Another method is by asking the child what he needs to buy on a daily basis like food or refreshments. Since their school rides are free and school materials are provided for, they only have to spend on food. In this way, the parent can compute how much they will need to buy snacks for the day.

Extra money for children can also come in the form of payment for chores. Although this should not be the case all the time since children can get the notion that all house chores should be paid. There are special chores that can be rewarded with money like cleaning out the garage or an extensive yard work. All the rest of the usual chores such as folding clothes, doing the dishes, and the like are to be done without payment.

The key to an effective “money allowance” system is consistency. Parents ought to set rules as to when allowances should be given, how much, and what it covers. In this manner, children will know how to budget their money.

More than giving allowances, the parents must also introduce the concept of saving money and buying only what is necessary. By trusting the children to handle money, parents are building their confidence in decision-making. The child becomes more responsible, a vital trait in the adult years.