We recently started giving our 7 year old and allowance. This seemed like and appropriate time to do this since he has begun to understand the concept of money. These are some tips for allowance and children:
(Per Dr. Spock)
* Allowances are a way for children to learn how to handle money
* At 6 or 7, children are ready to start learning about saving and spending
* The allowance amount depends on family customs, finances and the patterns in the community
* Allowances should not be tied to chores
* Chores are how children learn to do their share around the house
* Extra chores are a way for children to earn extra money
