A reader recently asked me a good question about allowance:
I have two children (8 & 10 years old) and I would like to give them an allowance. How much money do you recommend for these ages?
Thanks!
W
Dear W,
Go back to the blog and search for all my entries entitled “allowance.” It is all there. If you still have questions after reading everything I have written to date, send me another email.
One note, start the 10 year old first — before the 8 year old. Allowance is a privilege and if you start them together, the 8 year old will lose the chance to learn from watching the older sibling. And the older sibling will see allowance as a reward that comes with age that comes with more responsibility.
Susan
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Susan Beacham founded Money Savvy Generation in 1999 after almost two decades in private banking and investment management complemented by considerable time teaching at the elementary level.
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