How Much Allowance Should a Child Get by Age?

Every parent comes to the point when it’s time to start giving their child money for their allowance. Creating a system that both parents and kids agree on can be challenging, but it is important to model new skills and impart valuable lessons.

Parents can also pay money for weekly needs independent of chores, grades or other reasons. These two approaches demonstrate the two primary types of allowance: 1. Fixed 2. Chore-based

What is an Allowance?

This allowance is typically based on a predetermined amount and it doesn’t change, no matter what happens in the week.

What is a Fixed Allowance?

As opposed to the fixed method discussed previously, a chore-based system relies on your child performing certain chores each week to earn money for their wallet.

What is a Chore-Based Allowance?

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

How Much Allowance Should a Child Get by Age?

If you’d like to give your kids an allowance, set your reasons for giving an allowance and consider the financial situation of your household. What specific financial responsibility skills do you want your kids to learn? - Ways to spend or save wisely? - The value of money? - Why they should develop a solid work ethic?

How Much Should I Give My Kid for Allowance?

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