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- Allowances should be based on three things, Dr. Peters says—your child's age, your family's income and the amount that other children in the neighborhood receive.
- Allowances can be given once a week, but Dr. Peters says once a day could be more effective. "Kids need immediate consequences, good and bad," she says.
- Whether or not your child is granted their allowance should be based on their overall work ethic and attitude, Dr. Peters says. Schoolwork, household chores and overall behavior should all be taken into consideration, she says.
Children's Allowances
Teaching your children how to manage their own money isn't always easy, says clinical psychologist and parenting expert Dr. Ruth Peters. Dr. Peters talks with Jean about the importance of allowances and shares tips on the most effective ways for parents to divvy out cash to their children:
The information provided here is general advice and you should always consult your own financial adviser before making major financial decisions, including investments or changes to your portfolio. The opinions expressed by the hosts, guests and callers to Oprah Radio are strictly their own.
