Allowance is a great tool for teaching kids the value of money.

Allowance can teach children how to be responsible, accountable, and independent, but you can also use allowance to break bad habits, create good habits, and change behavior.

Allowance can teach the value of earned income, how to be a wise consumer and help develop a strong work ethic.

Try not to think of allowance as – paying your kids. Think of it as – teaching your children how money works in the world they live in.

Children are too young to earn a living so they depend on you to buy then the items they need and want. When a child understands money is earned and doesn’t pop out of an ATM machine they will start to understand the value of money.

The amount of money your child earns from you is based on the family income, not what Joe earns down the street. Everyone’s income, needs and family dynamics are different. Allow your children to earn the money you are currently spending on tem and it will not cost you any more money then you are already spending right now.

The chores you assign your children should be things they are not already doing. For instance if your child is not making their bed, teach them how to make it, pay them to make it and, when they master making the bed, move onto something else that they may need to improve upon.

They are still expected to make their bed; you just will not be paying for it anymore. This creates a child that is independent, earning money and becoming responsible.

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