I might recommend a dollar or two per week for a child of six. Paying the child twice a month teaches her to budget her money for longer periods of time than a weekly stipend. Allowances are great bridges to discussing money matters, a topic kids are woefully unschooled in. In general, I believe that kids should be allowed to spend their money as they choose. If they run out of money, parents should not rescue them, as this is a good lesson in money management. You should certainly offer your opinions on budgeting, various uses for their money, including regular charitable giving and saving money. As your child grows older, it's healthy to introduce him to the world of paid work, in addition to the allowance he receives. There are many jobs above and beyond her regular chores that a child can be paid for, in addition to paid work she can do for others. Experiencing the connection firsthand between hard work and financial reward is a most valuable lesson. I am sure that your six year old will benefit greatly from the consideration you have devoted to this important but oft neglected parenting role.
Allowance for a Six-Year-Old
Carleton Kendrick has been in private practice as a family therapist and has worked as a consultant for more than 20 years. He has conducted parenting seminars on topics ranging from how to discipline toddlers to how to stay connected with teenagers. Kendrick has appeared as an expert on national broadcast media such as CBS, Fox Television Network, Cable News Network, CNBC, PBS, and National Public Radio. In addition, he's been quoted in the New York Times, Washington Post, Chicago Tribune, Boston Globe, USA Today, Reader's Digest, BusinessWeek, Good Housekeeping, Woman's Day, and many other publications.
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