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Do your kids ask for allowances? Are they asking for a certain amount of allowance, or just asking so they can simply have some money in their pockets?
Giving children allowances is a subject that varies greatly from one household to the next. Some parents are of the opinion that children don’t need allowances or need to be "given" anything simply for existing. This often comes as a result of the children asking so that they can be like other kids and always have money in their pockets. As a positive reinforcement, the parent will sometimes give these kids a "job" and then reward them for it afterward. This works very well for some homes.
Other parents feel that allowances are a good thing to give children. It instills basic skills like understanding money, making transactions and learning how to save. They feel that by exposing children to money at an early age, they are able to help them become comfortable with handling money and how to interact in a consumer-driven world.
Whatever either side’s opinion is, money is in fact something that all children will have to deal with, and by starting them off with something like an allowance, they are getting the basics on how to deal with the dollar.
Determining how much allowance to give the child will vary depending on their age, maturity level and their counting skills. Most children entering first grade often start getting allowances anywhere from $2-5 per week. Other older aged children like pre-teens and middle school children may get upwards of $10-20 per week, and sometimes more if they’re old enough to take on additional household responsibilities.
Allowances are also a positive reinforcement for children. The monetary rewards for them is exciting for a job well done whether in school or chores done around the house.