Your kids need their own money. Even fairly young children need their own money. They need it mostly for practice, since legally, parents are financially responsible for their children until a certain age. Money is for more than just buying candy, though.
Here is my top ten list for what kids need money for:
- Giving Tithe and Offering
- Buying gifts for others
- Buying stuff that they want
- Doing things that they want to do
- Paying fines
- Hiring out help
- Replacing things that get broken.
- Buying clothes
- Buying food or paying to have it made
- Paying rent or utilities
- Paying Taxes
- Paying for transportation
Okay so this was more than 10!
As your kids get older, you will decide when to add responsibilities to their list. Some parents choose to pay for all of these things until their kids move out, while others may have their kids take on a portion of this list each year until they are doing all of it. I will go into more detail on each of these later
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