Question:Should you give your child an allowance? If so, what should the allowance be based upon?
I believe it is a good idea to to give your child an allowance for a couple of reasons:
- It teaches them how to handle their money.
- It shows them the value of money.
- It teachs them some responsibility in the process.
Now as for what it should be based upon, here are a few things:
- It should not be an automatic thing. They need to earn it.
- It should not be used as a reward or punishment, unless you are very careful with the application of it.
- I'd tie it to chores or responsibilities that are beyond what they should do to be a part of the family. Example: making their bed is something they should do to be part of the family, not to get an allowance. What you could do is give them some special projects to be involved with to earn an allowance.
I'd also be sure that any allowance that they make, they should be learning how to give an offering at church. 10% is a good place to start. It teaches them from an early age that giving to God is vitally important.
Hope that helps. Good luck as you attempt to teach your child a great lesson on responsibility and finances.