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How Much Allowance by Age

Learn how much allowance by age your children should get so they learn how to manage their own money.

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As a parent, it’s important to teach your children about money and financial responsibility from a young age. One of the ways to do this is by giving them an allowance. However, deciding how much allowance to give your kids can be a difficult decision. There are different factors to consider, such as their age, expenses, and family financial situation.

I’ve been writing a series on teaching kids about money and allowance. Take some time to go back and read those.

Girl placing money into a white piggy bank

How Much Allowance by Age

The general rule of thumb when it comes to giving allowances is to give a dollar amount that corresponds with the child’s age. For example, a 6-year-old would receive $6 per week, while a 10-year-old would receive $10 per week. This rule is a good starting point, but it’s important to keep in mind that every family’s financial situation is different, and you should adjust the amount accordingly.

When deciding how much allowance to give your kids, it’s important to take into account their expenses. As your child grows older, they will have more financial responsibilities, such as buying their school supplies or paying for their own entertainment. By giving them an allowance, you can teach them how to manage their money and learn the value of saving and spending.

For younger children, the allowance is usually a small amount intended for them to buy treats or toys. As they get older and their expenses increase, they will need more money to cover their costs. It’s important to discuss with your child what they are expected to use their allowance for and what expenses they will need to cover on their own.

Below is a guideline of how much allowance to give your kids by age:

Ages 5-6

For children in this age range, an allowance of $5 per week is appropriate. This amount will allow them to buy small items or toys, and save for future purchases. It’s important to teach them the importance of saving their money and spending it wisely.

Ages 7-9

For children in this age range, an allowance of $5-$10 per week is appropriate. As they get older, their expenses will increase, and they will need more money to cover their costs. This amount will allow them to have some spending money, save for future purchases, and start taking on some financial responsibilities.

Ages 10-12

For children in this age range, an allowance of $10 per week is appropriate. Children in this age range may start to have more expensive hobbies, such as sports or music lessons, and they may need more money to cover these costs. It’s important to discuss with your child what they are expected to use their allowance for and what expenses they will need to cover on their own.

Ages 13-15

For teenagers in this age range, an allowance of $20-30 per week is appropriate. By this age, your child may start to have a part-time job and earn their own money. However, an allowance can still be given as a way to teach them about managing money and taking on financial responsibilities.

At this age, I got my kids their own debit card, NOT credit cards. I’m able to see their account and all their transactions when I log onto my bank account. This is helpful since so many places only take Apple pay or cards now. I can pay them their weekly allowance in cash or transfer money over to them.

Ages 16-18

For teenagers in this age range, an allowance of $30-50 per week is appropriate. By this age, your child may be driving and have additional transportation expenses. They may also be saving money for college or other future expenses. It’s important to discuss with your child what they are expected to use their allowance for and what expenses they will need to cover on their own.

It’s important to keep in mind that these amounts are just guidelines, and you should adjust the amount based on your family’s financial situation and your child’s expenses. It’s also important to teach your child about saving and spending wisely. You can use the allowance as a way to teach them how to save for future purchases or give them a lesson in budgeting and spending.

Giving your child an allowance is a great way to teach them about money and financial responsibility. How much allowance you give your kids depends on their age, expenses, and your family’s financial situation. By giving them an appropriate allowance and teaching them how to manage their money, you can help them develop good money habits that will last a lifetime.

susen @Dabbling Momma

Friday 3rd of July 2015

This is a great post! Pinned and also shared on our FB page! Thanks for stopping by our FB Share Day!