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Kids & Money: How Much Should You Pay in Allowance?
Posted By Miranda Marquit On 09/27/2011 @ 12:06 pm In Family | 6 Comments
When it comes to teaching your children how to responsibly handle money, an allowance  can be a good tool. An allowance, whether it’s tied to chores or not, can provide your children with their own money to mange, and provide you with the chance to offer hands-on, practical experience related to finances.
However, deciding to offer your kids an allowance is only the beginning. You also have to figure out how much is appropriate for your children to receive. It’s no good if your child’s allowance doesn’t provide him or her with enough to effectively manage their decisions, or realistically save up for some items.
As you decide how much to pay your child in allowance, there are three main factors to consider:
An allowance doesn’t need to be set in stone. Periodically speak with your children about their financial goals, and their allowances. You can add more to the allowance as your kids get older, or reduce the allowance as they make more of their own money. Be clear about why you are paying allowance, and make it clear that an allowance can be adjusted over time.
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