really lucky , it may even reduce sibling arguments , because the younger kid will understand why the older siblings get more .
Parents should feel free to deviate from this rule of thumb depending on whether they live in an expensive or inexpensive area , their particular financial situation , how many kids they have , and which regular expenses they or the kids are expected to pay for . As Susan Borowski , the author of “ Money Crashers ,” puts it , “ If a straight $ 5 or $ 10 per week ( or even per month ) makes more sense to you than paying a dollar per year of age , then pay what works for you .”
If your kids are very mature , you can discuss this issue with them and reach a mutual agreement on a reasonable amount . It ’ s useful to go through such a process with your kids , says Mr . Martin , because it “ helps to develop budgeting skills , teaches responsibility , and prepares them for the realities of personal money management .”
However , the allowance shouldn ’ t be too high . If you give kids too much , they won ’ t learn how to budget and allocate money because they never get a chance to prioritize among competing spending goals . Ron Liebler , the author of The Opposite of Spoiled : Raising Kids Who Are Grounded , Generous , and Smart About Money , says to “ give your kids just enough so that they can get some of what they want but not so much that they don ’ t have to make a lot of difficult trade-offs . Let them own those , so they know what it ’ s like to make financial decisions that resemble grown-up ones .”
Whatever amount you ultimately decide on , make sure to follow a consistent schedule and stick with it — whether weekly or monthly . As Dr . Mary Kelly Blakeslee , a well-known child psychologist says , “ random payments will be frustrating and confusing , and will reduce the opportunity for learning .”
Gentle and Caring Dentistry for Children & Youth Ages 1-21
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Tanni Haas is a Professor in the Department of Communication Arts , Sciences and Disorders at the City University of New York - Brooklyn College . He lives in Brooklyn with his wife and son .
September 2018 WNY Family 15