- allowance is not payment for chores (kids should be helping out around the house as part of the family)
- make a list of items that the kids are responsible to pay for out of allowance (its not just for candy or toys of their choosing)
- allowance should be given on a regular basis, usually weekly
- if allowance is $5, give five $1 bills and encourage saving one of the $1's (more on setting up a savings account in the book)
- remember the goal behind an allowance is learning money management and the value of money
Most everyone agrees that giving our kids an allowance is a good idea. A couple of tips from the book.