Factors to Consider When Ordering Benefit for Your Child
The manual is a classic method of teaching children about money. Parents have different ways of implementing them, including the amount they choose to “pay”. Consider these factors when assigning child support.
Cheapness is a helpful list of things to consider when choosing the right amount. Age, for example:
The most common age to start receiving benefits was 4 years old, according to a BabyCenter survey. Some children at such an early age may be interested in putting money in a piggy bank and counting it until they have enough money to buy what they want. But if they don’t understand the concept of saving their own money in order to buy something specific, they may not be ready. For some children, the appropriate age may be 9 or 10 years old.
As your child learns more about the value of money, you may want to consider increasing his or her benefit. Cheapism recommends increasing the amount by fifty cents a year.
Another factor? How your child will use the manual:
If it is expected to be spent on “extra services” such as toys or video games, then a lower amount is certainly acceptable. If, as you get older, you want them to spend their benefits on basic necessities such as new school clothes or supplies, it might be more appropriate to increase the amount. Think about what you will be investing and adjust the allowance accordingly.
Of course, when determining the amount, you should also consider your own income. Make sure you budget for this benefit correctly. Some more tips can be found in their full post.
Which allowance is right for your child? | Cheapness