What amount of money is appropriate to give kids on a weekly basis? How much is too much…or too little?
Giving your kids an allowance is a decision that each family has to make for themselves. First they have to decide if they can afford to give them a weekly allowance, especially if there are multiple children in each family. Over time, the cost of distributing out allowances can add up pretty quick, and make it necessary for mom and dad to start getting an allowance!
Depending on their ages, you can give out allowances based on their level of maturity and their basic counting skills. There are some six-year olds who can count well and can handle multiple dollars. But there are some pre-teen children who may not have grasped the concept of making change, and may need some help in the counting area when it comes to money.
Children need to be given allowances based on how much they can reasonably handle. If they are going to take their allowances and just take it right to the candy and cookies store, they won’t understand the concept of saving and spending.
Children are also awarded sometimes for the grades they get in school, in addition to getting a weekly allowance. You can make these two awards a separate action, or put them together.
The rates can vary depending on your personal choices, but you can try this scale to see if it fits your family budget:
- From 2 to 6 years old - $1 per week
- From 7 to 11 years old - $2-5 per week
- From 12 to 14 years old - $5-15 per week
- From 15 years old up - $20+ per week
Find out what’s comfortable for your family and incorporate it into your life to see how things go.