The time will soon come when your child discovers money and wants to do things that cost money. The age that this happens varies by each child, but generally children start getting an itch to buy things with their own money around 6 or 7 years old. At this age, they won’t go out and start their own business to make money, but you can give them an allowance based on extra jobs they do around the house, not their weekly chores as a member of the household.
Difference between Weekly Chores vs. Extra Jobs For Allowance
I don’t think kids should get paid to do things that they should already be doing as part of the household such as taking out the trash, cleaning their room, and doing the dishes. But, they can do extra jobs like yard work, cleaning the car, or organizing the garage.
How Much Should You Give them?
You can either give them an amount equal to their age or an amount equal to half of their age, whatever you see fit for your child. At 6 to 8 years old, they just need enough money to pay for a candy bar or a small toy.
What This Does For Your Child
It gets them managing money at a very young age. Help them undertand the concept of getting paid for performance and paying cash for items they want to buy, and you’ll instill good financial habits in them at a young age.