Cindy Morus

Article Summary:

There are many good reasons why you should give your kid an allowance.

Kids Allowance: Why Should You Give Your Child an Allowance?

  1. They can make mistakes under your guidance

  2. They will learn how to save for the future

  3. They will learn that money doesn’t “grow on trees”

  4. They will appreciate what they have

  5. They will learn to make choices and set priorities

  6. They may stop nagging you for money

  7. There will be less friction in your household

  8. They will learn healthy financial behaviors

  9. They will learn your values

  10. You can teach them that it isn’t all “about the money”

  11. They will learn how to spend wisely

  12. They will be prepared to enter the grown-up world.

  13. Allowances will teach your children to be resourceful, independent and unique.

  14. An allowance is a “tool to empower your children to avoid commercialism’s clutches.”

  15. You can teach them to avoid the pitfalls of debt

  16. You can help them improve their communication skills around money.

  17. An allowance now could help them avoid future “marital money chaos”

  18. They’ll learn the difference between quantity and quality.

  19. They’ll learn how it feels to make a poor choice and have to live with it.

  20. They’ll learn how to resist impulses (sometimes, maybe!)

  21. They’ll learn to appreciate and take care of their things

    Cindy Morus is a Certified Financial Recovery Counselor specializing in showing women and their families how to achieve financial well-being and peace of mind. She is also a Certified Credit Report Reviewer. Contact her at 541-387-2995 or at Get a free copy of the "Secret Credit Card Interest Negotiating Script!

    Read all advice by Cindy Morus; Find more Personal Finance experts

    More advice on Personal Finance
    » Need Help Paying Bills? How to Simplify Bill Payment
    » Get Out of Debt
    » all Personal Finance articles