How to Give Your Teen an Allowance

Your teenager seems to need money for everything and it slips through her fingers as fast as you give it to her. You have decided to give her an allowance so she can learn the value of the dollar and the fine art of budgeting. Having her own funds will also give her a sense of independence and control as well as make her feel like a responsible and trustworthy teen.

Instructions

    • 1

      Consider the age and maturity level of your teen when deciding on the allowance. Start out with a smaller amount of funds in her early teen years and increase the dollar amount as she gets older and more responsible. This will motivate her to slowly learn how to handle an allowance wisely so she can purchase what she needs or wants.

    • 2

      Analyze the needs of your child and decide what expenses will come out of her allowance. It can be a small amount that is designated for money to buy inexpensive items such as makeup, snacks or movie tickets, or it can be a larger sum that is designed to to cover expenses such as clothing, food, school events, concerts and other teen necessities. This may depend on your budget and the ability of your teenager to handle an allowance wisely.

    • 3

      Decide if she needs to earn the funds or if they will just be distributed regularly. Tying allowances to chores can teach teens the meaning of working for compensation. A reduction in the allowance when tasks are not completed will teach her valuable lessons on earning money. It will also help prepare her for the working world when she decides to get a part-time or summer job.

    • 4

      Consider all the positives of issuing an allowance to your teen. If she opens a bank account with the funds, she will learn how to use a debit card and monitor her spending habits. Limited funds also give her the opportunity to be creative with her money -- instead of going to the mall and buying new clothing, she may decide to go to a thrift or resale shop where her dollars will go further. It will teach her how to shop and budget, as well as to make decisions on her own priorities and personal needs. If the funds are available, encourage her to donate a portion to charity and to open a savings account.

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