Healthy financial planning absolutely should begin at a young age. It is not against the law to require a kid to work for an allowance. It teaches the youngsters there is no such thing as a free lunch and how to plan saving and spending. It is great thing for parents to provide their kids with every opportunity possible, but it’s not always a good idea to just give them everything they want.
The Allowance System
When giving children an allowance, there should be an outline of what the child has to do to earn that allowance and what the allowance has to cover. The allowance may be for whatever the kids want to spend it on, but it might also include some necessities like some school supplies or new socks once in a while. Post a copy of the list where all concerned can see it.
Perhaps a communication board in the “Family Media and Communication Center” is the place to post such information, or maybe each family member has a notebook with all the rules of the family, including allowances. It is important all concerned understand the allowance system. The number one rule of the allowance system is if the required work is not completed, the allowance is not given.