When would you start their allowance?

[CubFanJack]

I was just wonder, when is a good age to start a child on an allowance? My son is 5 and is starting to realize the importance of money. So, I'm thinking of giving him a few chores to earn an allowance. When do you think is a good age to start down this road?

 

[Daffy]

That sounds fine to me. We gave the kids allowances when they were around 7 or 8 and old enough to understand about savings and spending. I taught them to save at least a portion of what I gave them. One of my kids has been successful this way. The other two don't even act like I ever taught them anything.

 

[Papa Bear]

When he knows how to count change and how to value money and take care of his money and keep it in a safe place.

 

[Verny]

I agree with Papa Bear, nice name. There is really no specific time for us to give our children their allowance. As soon as they understand the value of money then that is the time we let them have allowance.