By Jeff Eusebio Your kids are bugging you for an allowance. Should you give one or not? You'll see and hear some very strong opinions on both sides of the debate.
At FamilyMint, we believe there is no one, right answer. In fact, the appropriate answer depends on the parent, the child, and the particular circumstances you are both in. We have, however, seen allowance implemented as a relatively easy yet powerful part of financial formation. Done correctly, it really can help kids to appreciate money!
If you choose to give an allowance, FamilyMint makes it easy! You can set up automatic weekly or monthly allowance payments customized for each of your kids. This takes one more task off of your plate, you won't be fumbling around for correct change, and the transaction history in FamilyMint will remind your kids where this money came from (you!).
What do the experts say?
An article by Michelle M. Haas-Dosher at the Credit Union National Association Inc. provides an excellent overview. She suggests the right time to start an allowance is as early as your kids start to understand the value of money (usually around age 6). She also addresses how much, how often, and for what allowance should be given.
What do you think? Share your thoughts in the comments.