Having a child is difficult enough as it is, so we understand that the moment you are thinking about allowance and financial education you might like some guidance. Here you can read about how much other parents give their children, what they should be learning about money and what they should know already.
My child is:
How much do I give?
What can I teach them?
Now that your children understand that money is something that can be earned by performing small tasks, they should also understand that you can not buy anything you want to have. By taking your kids shopping and showing what things cost, children learn that in there is a certain amount of time you need to spend working to be able to afford something. Some children still live under the impression that if you work, you can buy anything at anytime. Take some time to talk to your children that buying a bread costs money, that going to the movies costs a little more money and that a vacation costs even more.
Want to let them experience this principle, let them work or save before taking them to their favourite movie or let t
What should they already know?
Understanding the numbers involved with money (counting and simple additions and subtractions) is important, but another important question is 'how do I get money'. Although adults usually dread the familiarity of this answer, for kids this is a new idea. Until now it seemed like you put a plastic card in a machine and you receive cash in return. Or that if you type four numbers into a little machine you can take your groceries home. They do not yet realise that you have to work for money. Children who are 7 years old can understand this concept.
As a parent you can also exemplify this idea by giving your children little chores to do and rewarding them for the work done. And we do not mean reward them for everything they do in or around the house. But for extra jobs, they do not do on a daily basis, you can reward them and start teaching them the concept of working for money.
My child is:
Bare in mind that everything we suggest in this blog is a general guideline, we strongly advise to look at your child and see what you think is best for them. After all, you know your child better than anyone else.