"As children grow older, parents must give them greater freedom, including greater freedom to make mistakes. "

5, 7 Year Old Allowance Responsibilities

Question

My husband and I recently started giving our children an allowance to help them learn to manage money. It is in no way connected to their regular chores. Our 7-year-old receives 70 cents per week and tithes 7 cents of that. Our 5-year-old receives 50 cents per week and tithes 5 cents of that.

In a recent column, John mentioned that allowance should be tied to responsibility in some way so that kids don't think money comes from Mom's purse or Dad's wallet. I can see how this would make sense for an older child who wants to buy things for themselves. Mom and Dad may expect the child to pay for some of their clothes from their allowance money. But what would this look like for younger kids?

Subscribe To View The Answer

Please register and purchase a subscription in order to view the answer. Existing members please log in.

Continue

Return to Previous Page

View All Questions