An allowance or not?

Do your kids get an allowance every week? How much?

There's a lot of debate about allowance - some experts say you should give allowance based on age and what chores are expected. Others say you should give allowance to teach kids about money.

Personally, I give allowance to my kids once a month, what better way to teach them automatically to budget their money?! But I don't base their allowance on specific chores.

They get an allowance as a perk to being in our family and to learn how to manage money. Be careful about giving an allowance based on chores - otherwise your kids will be asking you how much you'll pay them for every little chore they do around the house!

According to a Nickelodean study, the average allowance for kids is $6 a week for 12 year olds and under and $14 dollars a week for teens 13-17 years old. My kids get much less - but I also have an "Optional" list of chores on the refrigerator if they want to make some extra money around the house.

That way they can be ambitious if they want to and I can get a much deserved break!

Sonja