3 Reasons Why Giving Your Child an Allowance is a Good Idea
One of the great age-old questions pertaining to raising children is undoubtedly this: “do we give them an allowance or not”? Â It’s not hard to see why this is just a timeless question – it’s important to strike a balance between teaching children about the importance of money while making sure you avoid spoiling them in any way. Â With that in mind, this article will present you with some reasons on why it is a good idea and beneficial for your children to have the responsibility of receiving an allowance. Â Here are such reasons.
- An allowance teaches children the value of money Â - This point might be considered by some to be a tad bit cliche, but if children have experience having their own money it will undoubtedly teach them how precious and valuable money actually is.
- You might actually end up shelling out less cash – Think about how many times your kid asks for money to go do something with their friends. Â Instead of shelling out $15 bucks every time your kid wants to go do something, remind them that that is exactly what their allowance is for. Â By doing this, you may actually end up giving your kid less money than you would if they didn’t have an allowance.
- Teaches the importance of saving up – If your child has dreams about getting a new bike or a new video game system, they can learn to save up their allowance until they can finally afford whatever their dream item is. Â In other words, an allowance can help a child learn to save up money.