Why Should Kids Get Allowances – The Top 7 Reasons
The question of whether allowances are right or wrong, is one that has been argued for many generations. Now its your turn, as a parent, to decide whether or not an allowance is the best way to educate your child about financial responsibility. There are many reasons given on why a regular payment of money to a child should or shouldnt be done ultimately I believe there is no right answer, it is up to each individual family to decide what is the best option for them. Through many years of working with parents and educators, these are the top seven reasons I keep hearing on the question of why should kids get allowances.
1. They learn to be wise with how they spend their money. It may help to teach them how to prioritise their spending, & learn from an early age what things are a waste of money.
2. They learn how to save money. Having a regular amount of money, may make it easier for them to establish good saving habits, as a certain percentage of the money from each payment can be placed into a savings account/piggy bank. Without an allowance, any money they receive, may simply be spent, with...
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