While RJ is helping me in the kitchen, she asked why she has no allowance yet. I told her that she is still too young to handle a week’s allowance (I give her pocket money everyday though). Then she asked why most of her classmates have their allowance for one week. Honestly I do not know what to answer. I understand that allowance is the best money management tool we can give our children as it may teach them how to spend responsibly, but she is only eight years old. Is she ready yet?
Many factors go into fixing our children’s allowance and the first factor to consider is their age. According to some experts, as soon as a child begins to express a sincere interest in material wants then it’s time for an allowance. Maybe I should try to give RJ her week’s allowance so she would understand the concept of budgeting and if it does not work, then I will be forced to be back on a daily basis.