When Should Kids Start Receiving an Allowance?

I want to reward my 7-year-old daughter for cleaning her room and putting her toys away at night. Is it too early to start giving her an allowance?
– James

When parents start giving kids an allowance is a personal decision. Kids as young as 6 can be given an allowance to foster responsibility, independence, and money management skills.

You might try giving your child a small amount each week. If it works out, you can increase the value as she gets older and starts taking on more responsibility.

It might also help to write up a "contract" with your daughter where you both agree to the terms of the allowance — like what chores or duties are entailed, or if some of the money must be put aside for charity or savings.

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