Help Your Kids Earn Their Keep
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The income your child receives she could increase as they get older and take on more responsibilities. Some experts recommend allotting one dollar for each year of the child's life. In other words, an 8-year-old would get $8 a week, a 10-year-old would get $10 a week and so forth.
You should also have a heart-to-heart with your child regarding how the allowance will be spent. For example, you might set up a system where 1/3 goes to savings, 1/3 goes to spending and 1/3 goes to charity. You should also decide what your child needs to contribute his or her allowance to. For example, if they want to go to a birthday party, you may encourage your child to pay for part of the gift. Allowances should be doled out on a set schedule. And if you're going by a pay-for-performance scale with your child, make sure they complete their duties before receiving their earnings.
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