I believe the earlier we start giving our kids allowance, the better. Unless we want our kids to grow up deficient with respect to money, the sooner we let them start practising with it, the better they will be at managing it. We give our kids guitars, soccer balls, skateboards, bicycles, etc. and we don’t expect them to be great riders, or players when they first put their hands on these things. That’s why we provide money to our kids, so that they can practice using it. I also think it’s important for kids to understand that the money they get from us isn’t an unlimited amount whenever they want something. Something we’ve been using that works well for our family is called www.allowancemanager.com. We love that it’s free and works on our phone or computer because it really helps us remember how much we’ve given to the kids - something I always seem to forget! Hope this helps! If anyone else has suggestions, I’d love to hear them.

I believe as early as 5. But i feel you’ll know that they’re old enough the first time that they ask you for money to buy something. This is a certain indicator that they’re beginning to understand this concept. You’ll give them money, and they’ll spend it all on something that they want... This shows they need money to buy things.

It is important to give children a simple allowance to help them become comfortable with the notion of money...they will get money from relatives for their birthdays and other occasions and I think it is important to let them know what that means to have their own money...our children learn to swim and read at this age so why shouldn’t we be teaching them about understanding money as well...

As for conditions... The key in our family is tracking the money we give our kids. Without tracking, i’m just the bank of mom and dad throwing money to the wind. We tried using dry erase boards but that was too hard to manage. A free tool we’ve been using that works well for our family is called www.allowancemanager.com  . It really helps us remember how much we’ve given to the kids - something I always seem to forget! Hope this helps! If anyone else has suggestions, I’d love to hear them.

Unless we want our kids to grow up deficient with respect to money, we absolutely should give them an allowance. I believe in allowance because I feel it’s fairly inevitable - if you don’t give your children money now, you certainly will at some point, otherwise they won’t have any!

We give our kids guitars, soccer balls, skateboards, bicycles, etc. and we don’t expect them to be great riders, or players when they first put their hands on these things. That’s why we provide money to our kids, so that they can practice using it. We don’t pay for daily chores but we do let our kids earn money through more significant tasks. I also think it’s important for kids to understand that the money they get from us isn’t an unlimited amount whenever they want something.

  Something we’ve been using that works well for our family is called www.allowancemanager.com. We love that it’s free and works on our phone or computer because it really helps us remember how much we’ve given to the kids - something I always seem to forget! Hope this helps! If anyone else has suggestions, I’d love to hear them.

I believe the earlier we start giving our kids allowance, the better. Unless we want our kids to grow up deficient with respect to money, the sooner we let them start practising with it, the better they will be at managing it. We give our kids guitars, soccer balls, skateboards, bicycles, etc. and we don’t expect them to be great riders, or players when they first put their hands on these things. That’s why we provide money to our kids, so that they can practice using it. I also think it’s important for kids to understand that the money they get from us isn’t an unlimited amount whenever they want something. Something we’ve been using that works well for our family is called www.allowancemanager.com. We love that it’s free and works on our phone or computer because it really helps us remember how much we’ve given to the kids - something I always seem to forget! Hope this helps! If anyone else has suggestions, I’d love to hear them.