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If you are a parent, one of the biggest responsibilities you have is teaching your kids about money. For many kids, their first exposure to money is their allowance. This has always been a tricky topic. There is no universal amount for an allowance. Every parent does something different. Regardless of how much money you give your kids for an allowance, you want to make sure you teach them about money. This means you can't just blindly give them money. Here are a few tips for starting an allowance program with your kids.
The first thing you should do before giving your kids an allowance is discuss it with them. Like any other serious life talk, sit your child down and explain to them how an allowance works. You should state what you expect out of them, including any rules that may lead to a revocation of an allowance. You should also tell them how much of a responsibility it is. Most kids will appreciate your respectful approach. This discussion is an important part of teaching your kids about money.
Another thing you should do is separate allowances from chores. Chores should be approached as something kids do as part of the family. Allowance shouldn't be pay for a job children should do. That's not say you shouldn't reward kids for major chores. However, an allowance should be more of an instructional tool than a reward for doing work.
An important part of giving your child an allowance is teaching them how to save money. Before you give them their first allowance, open a savings account with them. Teach them how important it is save money and keep track of what you spend. If there is a toy your child wants, tell them that the best way to get it is to save their allowances.
As a last tip, don't be afraid to let your child fail. You shouldn't jump in and make them save their money or deposit it for them. On the same token, don't give them any extra allowance. If your child blows their allowance quickly, that is good opportunity for a lesson. Hopefully, they will be more responsible when they get their next allowance.
What else can I help you with?
How can a 5 year old make money some tips?
Do some chores around your place. Ask your parents/ guardian if you can have an allowance.
What is an example of Convince your parents to increase your allowance?
Answer this question… Convincing your parents to increase your allowance is an example of what?
Why don't you have an allowance?
You will have to ask your parents that question. WikiAnswers has no way of knowing this.
How do you get allowance from your parents?
Ask for it!
What is the average allowance for a 13 year old?
depends on the parents who are giving the allowance
What is a fact about allowance?
Your parents give it to you.
I am ten and want a laptop but I am broke and my parents don't believe in an allowance any tips?
Get a job, ask people if you can mow their lawn for money etc. Ask for one for your birthday or Christmas
Why do parents give allowance to teenager?
Probably to show them that they think the teenager is mature enough to have an allowance.
How do you get Allowance?
You can get an allowance by making a deal with your parents. for example if she or he pays you 5$ a week to do certain chores.
Convincing your parents to increase your allowance is an example of what?
Answer this question… Convincing your parents to increase your allowance is an example of what?
Is allowance to parents a liability?
It is a privlage, take it away if they do not work their keep.
How do i get money if i am to young to work?
Ask your parents for an allowance if you do chores around the house.
