Some parents use an allowance to help their kids understand the value in budgeting and saving early. If you’re thinking about starting an allowance for your kids, ask yourself these questions:
➡️ How old? There’s no “best” age, but many parents start providing an allowance when their kids are around age 5.
➡️ How often? Choose a schedule that works best for your needs.
➡️ How much? Consider if you are providing a fixed or goal-based amount and what works for your family’s budget.
