It’s never too early to start teaching your kids valuable money lessons that can benefit them for the rest of their lives. One of the most important skills they will need in order to be a successful adult is money-managing. An allowance is a great way to teach your kids the value of hard work, as well as how to manage their money or create a savings account.
With just a little money each week, you will be giving your kids lessons that will last a lifetime. It is recommended to start giving an allowance at around age six to eight years old. Don’t give them too much money – work out how much they will need based on their age range. Also, never start paying them a high allowance and later reduce it when you realize you can’t afford it. This is sure to lead to great upset and resentment.
Once it’s time to start shelling out some money, you should set specific guidelines for how your kids will earn their allowance. This will help them understand the concept of working for their money, and allow them to appreciate it even more.
Most experts say that paying kids for regular household chores isn’t a good idea. Your kids should have certain chores that they must do as a member of the household. It is a good idea to come up with a list of extra things that could earn them money. Tasks like mowing the lawn, cleaning out the garage, or even helping repaint a room in your home could be great ways for your kids to earn some extra money. Younger children can help with less strenuous activities such as raking the leaves. Always supervise your kids if they are working with sharp tools or chemicals such as paint.
You might also consider the possibility of your kids earning money outside the home. The reality is, some families can’t afford an allowance, but there are still ways to help your kids learn about money. Babysitting, lemonade stands, and pet sitting can be great jobs that will allow your children to earn a little extra money, and learn valuable life lessons.