Providing allowance for kids is a vital concept that all parents need to exercise in order to teach their children about the value of money.
A lot of parents will try to educate their children on the value of money. However, whenever a parent speaks to their children about the issue, the child will generally not understand the concept until they are put into a real life situation. By showing children the true value of money, you will be able to open their eyes to the different things that they can expect to encounter when they are forced to go out into the real world.
Most adults do not discover the value of money or how to manage their funds until they are above the age of eighteen years old. The only way that a teenager will be able to correctly interrupt the value of money is if they had held a job while they were in high school.
However, in a lot of instances, children that held employment in high school still do not understand that money is meant to pay expenses and it is not something that can always be used for enjoyment purposes.
The best time to begin allowing allowance for kids is when your child begins asking for money, or starts asking you questions about what they need to do in order to obtain funds. The amount of funds that you elect to reward your child with will be based on your own discretion.
There are a lot of people that argue that giving your child funds for chores that they have completed is not a good habit to practice. The reason being is because a lot of individuals insist that when a child is given too much money they will begin to slack off on the chores they need to accomplish. It is also up to the parent to decide upon what the money that their child is given will be used on.