Parents for many years have debated as to whether or not it is a good idea to give children an allowance. A big argument of parents who disapprove of allowances believe children should not be paid for chores that should just be a part of daily family responsibilities. Those in support of allowances think it helps to give children a sense of responsibly. There are several other great reasons in support of parents giving their children an allowance.
Children can learn the value of money at an early age if they have an allowance. They will have to decide how important that candy bar or new pair of brand name sneakers are when they only have a set amount available to spend.
Having an allowance can actually teach children how to save. If they want a big ticket item they will need to decide what portion of their weekly allowance they will need to put away in order to make their desired purchase. Starting a savings account at your local bank would be an excellent idea once your children start getting an allowance. They can learn about interest and actually have a great way to see how quickly their money can add up.
An allowance can also help children learn to help others. Help your child find a charity they would be interested in helping and have them put aside a set amount of their allowance each month to donate to that charity. Kids will feel great knowing that some of the money that they earn is helping those less fortunate then they are.
An allowance that does truly compensate a child for household chores can teach them a positive work ethic at an early age. In addition, in can be used as a disciplinary tool when a child does not complete their household duties.
So when you are debating on giving your child an allowance, consider all the great points that there are. Having an allowance can teach children about saving, working together and helping others which are great things to learn at a young age.