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by BECU Financial Advisor,posted Apr 15 2011 10:55AM
Parents often struggle with how much and how often to give a child an allowance. Or if a child should even receive an allowance at all.
An allowance can be a great way to teach a child good money habits that could last a lifetime. It can teach them to save, spend and share wisely.
Here’s a rule of thumb for determining your child’s allowance: Give them a weekly allowance that is half their age. So if your child is 10, then consider giving them $5 a week. Knowing exactly how much to expect and how often to expect it can help your child develop a good budgeting and savings habit.
Do you want to motivate your child to save? Consider offering to “match” a portion of each savings account deposit that he or she makes.
If you want to tie your child’s allowance to chores or not, is up to you. The most important thing to remember is to be consistent.