Why should I give my kid an allowance?

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asked Oct 28, 2020 in Other-Finance by Prizzy134 (1,080 points)
Why should I give my kid an allowance?

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answered Oct 28, 2020 by Webbie (2,400 points)
You can start giving your child or kid an allowance when they reach 5 years old and beyond.

Giving your child or kid an allowance helps them learn about managing money and helps them learn to pay for things.

When a child is 5 or under they don't really understand that it takes money to buy things that they want or need and so the child may throw a tantrum because they want to buy something when you cannot afford it.

You can give your child an allowance and tell them that if they have enough money for it they can get what they wanted but if not then they cannot get it.

I got $10.00 as an allowance when I was 5 years old and then when I got to 10 years old I got $20.00 per month as an allowance.

When I was 13 years old I got $30.00 per month as an allowance.

An allowance helps a child learn about money and what it takes to buy things on their own and it teaches them to count and budget for things too.

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