MONEYTALK with Al Suffrin
Should I give my son, 6, a weekly allowance?
Dear Parent: An allowance is a great way to start teaching your child about the value of money, budgeting and saving. By the time your child is 5 or 6, he should be able to understand what an allowance is and why you are giving it to him.
But before you start this commitment with your child, you should first set up the parameters.
First, you need to establish whether you want to tie the allowance to household chores or simply establish a weekly amount that they can use to save for specified purchases.
Some families establish a base allowance and then give their child extra money for additional chores. Whichever method you choose, be sure your child understands why he is receiving the allowance and what will prevent him from earning or getting it.
Second, you need to set the amount. Most experts recommend giving a child 50 cents to a dollar for every year of age.
You also will want to discuss how your child will be using this money. Will he put it into savings or will he plan on spending it on parent-approved items? Teaching your child not to spend the entire weekly allowance and to put a portion away in a savings account is a valuable life lesson.
Students' questions about finances answered - only in the Herald-Guide. Financial expert and school board member-elect Al Suffrin takes on the tough questions from parish kids and their parents.
Send YOUR questions to: email@example.com or write: MONEYTALK, P.O. Box 1199, Boutte, LA
Subscribe Today and Save!!!
St. Charles Herald-Guide is an award-winning newspaper that covers all aspects of St. Charles Parish - from schools and parish government news to social events, features on our local residents and sports.
Order your subscription today!
An attempted traffic stop by Louisiana State Police on I-310 turned into a police...
With three regular season games left, Destrehan’s mantra is simple: no matter who...
The Des Allemands man accused of stealing more than $12,000 from the 2014 Louisiana...
Though a lopsided loss to Destrehan halted Hahnville’s winning streak at three, the...
Resurfacing the Hale Boggs Memorial Bridge deck isn’t just a $24.5 million upgrade,...
With road upgrade work on the Hale Boggs Memorial Bridge to begin Sunday, St....
Over 25 Years of Quality Sales, Service and Repairs on YAMAHA, MERCURY, EVINRUDE and JOHNSON Motors.
Hale Boggs is a ‘test bridge’ for surfacing - 1333 views
Resurfacing the Hale Boggs Memorial Bridge deck isn’t just a $24.5 million upgrade, it’s the result of a 15 year experiment that determined a concrete overlay would provide much longer surface life than asphalt.