By first grade, a child can understand the idea of exchanging money for goods. An Allowance reinforces this concept and boosts your child’s budding math skills in an exciting, real-world way. Simply counting cash will be a thrill to your child, and he’ll improve his ability to compare prices and learn the value of coins. Kids this age are also eager to have some money of their own. They sense that making spending decisions is an important step toward growing up, and it’s one that they’re ready to take. In giving allowance, choose an amount you can afford to hand out every week. If you don’t have any idea how much to give you can check around to find out the going rate in your neighborhood. Always consider how the money will be used. If it’s simply meant to cover the cost of an occasional candy bar or toy, you’ll likely give less money. You don’t want your child to be frustrated because he has too little money or overwhelmed by too much.
To teach your child the value of money, you can ask him to earn his own money. Your child needs to understand that they’re a family obligation. If you reward him for doing chores, he may decide that he needs to pitch in only when there’s a payoff and that is not a good lesson to teach your little one. Parents can give their kids a chance to earn extra cashas long as it’s handled separately from the allowance, and if your child cuts corners on his responsibilities? nudge him back on track by taking away his priviledges such as watching tv, or playing outside.
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