Logo
Menu
  • Home
  • About Us
  • Categories
    • Auto & Mechanical
    • Beauty & Fashion
    • Careers & Education
    • City Guides
    • Electronics & Gadgets
    • Entertainment
    • Food & Drink
    • Games & Gaming
    • Health & Fitness
    • Hobbies & Crafts
    • Holidays & Seasonal
    • Home & Garden
    • Cooking/Nutrition
    • Local
    • Love & Relationships
    • Music & Dance
    • Parenting
    • Other
    • Personal Finance
    • Pets
    • Safety
    • Science
    • Sports & Leisure
    • Travel
June 16, 2009
Money Management | Personal Finance

What is the right amount of allowance to give my children?

    Published: 06-16-2009
    Views: 12,677
    • Description
    • Transcript

    Description

    Family financial expert Janet Bodnar discusses how to teach your kids about money, including what the right amount of money is to give your kids in their allowance.

    Transcript

    Speaker: What is the right amount of allowance to give my children? Janet Bodnar: There is no really one right amount of allowance to give your child. Obviously, this is going to vary from a family to family; it's going to vary from depending on where you live and what the cost of living is; what do you expect the kids to do with the allowance, but I will give you some guidelines. Some people recommend, for example, the kids get a weekly allowance equal to their age. Now, what I find from years of talking to parents about this is that they are little bit reluctant to do that with younger kids. They are not sure they want their six-year-old to get six dollars a week. That just sounds like a lot of money for them. What survey show and surveys on this are a little squishy, because people define allowance differently, show that middle school kids get roughly six to eight, maybe ten dollars a week allowance and allowance usually tops out at about $20 a week for teenagers because by that time they have jobs of their own, so parents don't feel like they have to subsidizing with the allowance.

    Now, my own personal guideline, the Janet Bodnar guideline is, I think you should start with an allowance, a weekly allowance, that's equal to half a child's age. Now, parents feel much more comfortable with this as far as younger kids are concerned. So the idea of giving a six-year-old three dollars a week or a seven-year-old three fifty a week make sense to them and then again, as the kids get older and their responsibilities get more, you can bump up the amount of that allowance.

    Videos in this Series

    1

    How to Teach Your Kids About Money

    2

    Why is it important to teach my kids about money?

    3

    How early should I begin teaching my kids about money?

    4

    Should I rely on schools to educate my children about money?

    5

    What are good ways to teach younger children about money?

    6

    Should I give my kids an allowance?

    7

    What is the right amount of allowance to give my children?

    8

    Should allowances be tied to chores?

    9

    What are “financial jobs?”

    10

    How can I help my teens learn good money habits?

    11

    At what age should my children open a savings account?

    12

    What are some everyday ways to teach my children about money?

    13

    At what age should my children get a debit card?

    14

    At what age should my children get a credit card?

    15

    Should I use money to reward or punish my children?

    16

    At what age should my children get a job?

    17

    Should my children donate to charities?

    18

    How much should my children contribute to savings for college?

    19

    How can I teach my children to invest money?

    20

    How can I set a good financial example as a parent?

    21

    What do I say to my children if we manage money badly as parents?

    22

    What do I do when my children ask for expensive things?

    23

    Should we discuss finances as a family?

    • account
    • allowance
    • bank
    • banking
    • card
    • career
    • child
    • children
    • chores
    • college
    • credit
    • debit
    • expenses
    • finances
    • financial
    • funds
    • invest
    • investing
    • investments
    • job
    • kids
    • money
    • money management
    • parent
    • parenting
    • school
    • work
    • working

    Search

    Original Shows

    • American Stories

      American Stories: 3 Generations (A Family Fishing Story)

    • Worth the Detour - Seattle's Coffee & Glass Art

      Worth the Detour – Seattle’s Coffee & Glass Art

    • Roadfood Adventures USA: Las Vegas, Nevada to Palm Springs, California

      Roadfood Adventures USA: Las Vegas, Nevada to Palm Springs, California

    • Roadfood Adventures USA: Phoenix to Grand Canyon, Arizona

      Roadfood Adventures USA: Phoenix to Grand Canyon, Arizona

    • Roadfood Adventures USA: Dallas/Fort Worth to Austin, Texas

      Roadfood Adventures USA: Dallas/Fort Worth to Austin, Texas

    Tiny Concerts

    • Lost Pyramids

      Lost Pyramids

    • NICO, Pop R&B Duo

      NICO, Pop R&B Duo

    • Chantae Cann, Jazz Vocalist

      Chantae Cann – Jazz Vocalist

    • Edie Carey - Singer/Songwriter

      Edie Carey – Singer/Songwriter

    • Waker Band

      Waker Band

    Latest posts

    • Protected: All In: A Marching Band Story

    • All-In: A Marching Band Story (Trailer)

    • How to Roast Frozen Wild Alaska Pollock

      How to Roast Frozen Wild Alaska Pollock

    • How to Poach Frozen Wild Alaska Halibut

      How to Poach Frozen Wild Alaska Halibut

    • How to Air Fry Frozen Wild Alaska Salmon

      How to Air Fry Frozen Wild Alaska Salmon

    • Privacy Policy
    • Your California Privacy Rights
    • Terms & Conditions
    • Contact
    © Copyright Fexy Studios, LLC All rights reserved.

    About Us

    MonkeySee, a Fexy Media Company, captures the skill and knowledge of the world’s top experts and delivers it to inquisitive audiences everywhere. We are the leading creator of expert-driven video content.

    Whether you’re surfing the web or watching your local television news, you’ll find our interesting and informative video content where you want it, when you need it.

    Watch. Learn. Do.

    Latest Tweets

    Tweets by @MonkeySee

    Like us on Facebook

    Facebook page plugin loading...

    Food & Drink Videos

    • How to Roast Frozen Wild Alaska Pollock

      How to Roast Frozen Wild Alaska Pollock

    • How to Poach Frozen Wild Alaska Halibut

      How to Poach Frozen Wild Alaska Halibut

    • How to Air Fry Frozen Wild Alaska Salmon

      How to Air Fry Frozen Wild Alaska Salmon

    • How to Pan Sear Frozen Wild Alaska Cod

      How to Pan Sear Frozen Wild Alaska Cod

    • How to Cut Watermelon Rind