This is a question that I have yet to have to deal with, and I’m not sure how I feel about it. So I ask you, the reader, to weigh in. (Jeanne put this idea in my head with her post about lump sum allowances.)
I can’t recall when I started receiving a weekly allowance. I think it was around age 10, but it may have been earlier.
At first I received only a small amount, like a quarter. (How much allowance to give is a different question, click here to weigh in on that.) Something else to consider: I’m fairly certain that I was allowed out of the house by myself to spend my newfound cash. I can’t imagine letting my kids do that until they are at least 12. But I think that letting them get used to managing money, even in a very small way, is a good idea.
What do you think?