I always envisioned starting an allowance for my little guy when he turned eight. This was not a magic number, but I figured he’d be reading, doing math and prepared to handle an allowance. When he entered First Grade, he would ask for a dollar here and a dollar there for the latest thing at the School Store that his other buddies were buying. It became clear that an allowance would enable him to have “purchasing power” without him henpecking me for days on end. I decided to accelerate my allowance plan two years early.
I started with a low dollar amount, $2 every week, and explained to him that just like his father; he would get paid on Friday, after school. He loved the idea and the best thing is that he never badgers me for money anymore. The monetary amount is small enough that he really has to save in order to buy a big ticket item.
Establishing an allowance has really allowed my son to have choices, learn about budgeting and experiment with money in a safe environment. For more tips on starting an allowance for money savvy kids, check out my article in my Mothering Matters column on Patch.
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