When is the right time to give your child an allowance? And how can you influence their relationship to money? Important questions with important answers.
There is no right age to give your child an allowance and control over their own money. It rather depends on their developmental and maturity level. Laying a foundation for how they view and interact with money is essential and is set by example by the parents’. The way you, as a parent, use money will directly influence your child. Therefore, be aware of this and if you don’t have a healthy relationship to money, work on that first and foremost.
Rules: Have rules in place for certain treats that are at the expense of your child and their piggy bank. A good one would be sweets. If your child wants a sweet in the store they must save up for it and buy it themselves. This will also help them realize that money is not an unlimited resource and that they can only buy so much for it.
Savings: Saving is another important skill for your child to learn. Piggy banks work wonders for this. The initial inability to reach the money prevents it from being spent and the pride as its contents build up acts as the reward. They positive feeling related to the accumulating pennies in the piggy bank will later transfer to the feeling of putting physical money in the bank.
We would love for you to share your tips and tricks about giving your children allowance. Please comment below!