I am looking for suggestions on the best way to give allowance to my kids. One is 10 and the other is 11. Is it the proper thing to give a set allowance without any work required, or should I be giving an allowance based on the chores that they perform each week? I want to give them a good financial base, but I an confused by different reports on what is the best way to approach this. I would like to hear suggestions of what other people have done with their kids and what seemed to work the best for them.
I’m also curious about how much I should be giving my kids? Is there a standard amount that kid should receive at each age?
Finally, should I force my kids to save a portion of their allowance and put a portion of the allowance toward giving to charity? Or should I let them choose to do that on their own and just suggest it? Any enlightenment on all these questions would be greatly appreciated.
For those who have kids or those who have made plans for how to teach finances when their kids get older, what advice would you give to this reader?