Allowance for Kids: How Much to Give [Age Appropriate Amount]
An allowance serves as a way for you to teach your kids how to manage money. A kids’ allowance can also be used as a tool for teaching financial responsibility.
What is an Allowance?
An allowance is an amount of money that you give to a child to spend on whatever he or she chooses. It’s usually (but not always) a weekly amount of money earned through performing specific tasks around the house or at school.
What is a Fixed Allowance?
A fixed allowance gives kids money at the beginning of every week no matter how much they do or don’t accomplish throughout the week.
What is a Chore-Based Allowance?
Parents establish an allowance plan with their kids that usually consists of a fixed monthly or weekly amount in exchange for assigned tasks.
How Much Allowance Should a Child Get by Age?
For a quick comparison of how weekly allowances vary for kids aged 4 to 14, have a look at the following breakdown from RoosterMoney: - 4-year-olds – $4.18 - 5-year-olds – $4.79 - 6-year-olds – $5.82 - 7-year-olds – $7.42 - 8-year-olds – $8.01 - 9-year-olds – $8.71 - 10-year-olds – $9.49 - 11-year-olds – $10.43 - 12-year-olds – $11.91 - 13-year-olds – $12.62 - 14-year-olds – $13.87
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