How much money is normal for an allowance?

In this Video Blog Series Phil is answering questions that have been submitted by readers.

Today’s question is about “How much money is normal for a kid’s allowance?”

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Phil shares seven thoughts that will help you with this situation.

• Under the age of 6 not much money is needed.
• Here’s why you should definitely use cash, coins for under sixes.
• Phil teaches kids to do three things with their money, all starting with “S”.
• After age 6 link the amount of pocket money to their age.
• You determine how often they get pocket money, (weekly, fortnightly, monthly).
• Tweens and Teens require a different model.
• Give them some freedom – within your boundaries!

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Watch out for Phil’s next book – Kids and Money – coming out late in 2009.