Giving your kids an allowance is a great way to teach them how to manage money and save for the future.

There are two main ideas about allowances. Some parents believe kids should earn their allowance by doing chores. Others think that chores should be done because it’s a family responsibility, and allowance should be given without conditions.

Those who support chores say it teaches kids that money must be earned. On the other hand, some parents believe an allowance should come without any requirements.

Regardless of which approach you choose, many parents wonder, “How much allowance is right for my child?”

Some follow the “$1 per year of age” rule. For example, a 9-year-old would get $9 a week. A 13-year-old would get $13 a week.

Mint.com reports that the average family pays 50 cents per week for each year of a child’s age.

You should decide the amount based on your family’s budget and your child’s age.

Whatever amount you choose, make sure you teach your kids how to be responsible with money. Encourage them to save a part of their allowance. Saving helps them plan for the future.

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