Comments on: 5 Questions to Ask Before Giving Your Child an Allowance

By: Stuart Fleming

Stuart Fleming — Sun, 15 Feb 2009 20:57:28 +0000

Wealth / Money Expert for Teens - sharing the ‘best of the
web’ this week... Teaching your teen about money - a
wealth of resources and information at your fingertips: 5 questions
to ask before giving your child an allowance Money tips for little
pockets Gen Y ‘financially unfit’ says poll The allowance question
20...

By: Mike

Mike — Fri, 30 Jan 2009 02:06:45 +0000

@Tom: I'm glad the post and comments helped. Let us know what you
decide and how it works out for you. I also wanted to mention to
everyone that there's nothing wrong with doing a trial run with an
allowance. As long as you and your children all understand that
it's a trial (for a few weeks, month, etc) there shouldn't be hurt
feelings if it doesn't work out and needs to be stopped. If you
decide to start small, remember that many coins/bills will work
better than a single larger bill. It's hard to save part of a five
dollar bill, but easy to tuck one of five singles into a hiding
spot. Obviously, coins can be a choking hazard, so only give them
to older children.

By: Tom

Tom — Thu, 29 Jan 2009 15:37:20 +0000

Mike, thanks for the well-timed post. I've been talking with my
wife about starting an allowance for my oldest daughter. We are
worried she might be too young. I liked your comment about making
sure she understands basic math/money skills first.