Kylie W
When it comes to giving a 12-year-old an allowance, parents are often unsure of how much to give. After all, it’s a tricky balance between teaching your child the value of money and not giving them too much too soon. The good news is that there is a general rule of thumb that parents can use to determine an appropriate allowance for their 12-year-old.
The rule of thumb is that parents should give their 12-year-old an allowance of $1 to $2 per year of age. So, in this case, a 12-year-old should get a weekly allowance of $12 to $24. This range is consistent with the average weekly allowance that parents pay, which is $19.39.
Of course, this is just a general guideline and there are a few other factors to consider when deciding how much allowance to give your 12-year-old. The first is the cost of living in your area. If you live in an area with a higher cost of living, you may want to adjust the allowance accordingly.
Another factor to consider is the type of activities your 12-year-old is involved in. If they are involved in extracurricular activities such as sports or music lessons, you may want to give them a higher allowance to cover the cost of these activities.
Finally, you should also consider your 12-year-old’s level of responsibility. If they are responsible and mature, you may want to give them a higher allowance to reflect that. On the other hand, if they are not as responsible, you may want to give them a lower allowance.
Ultimately, the amount of allowance you give your 12-year-old should be based on your individual circumstances and your child’s level of responsibility. The $1 to $2 per year of age rule is a good starting point, but you should adjust it accordingly based on your own situation.
FAQs
Q: How much allowance should I give my 12-year-old?
A: The general rule of thumb is to give your 12-year-old an allowance of $1 to $2 per year of age. So, in this case, a 12-year-old should get a weekly allowance of $12 to $24. This range is consistent with the average weekly allowance that parents pay, which is $19.39.
Q: Should I give my 12-year-old an allowance?
A: Giving your 12-year-old an allowance can be a great way to teach them the value of money and help them learn how to manage it. However, it’s important to make sure that the allowance is appropriate for their age and level of responsibility.
Q: Should I tie my 12-year-old’s allowance to chores?
A: It’s up to you whether or not you want to tie your 12-year-old’s allowance to chores. Some parents find that this is a good way to teach their children responsibility, while others prefer to give their children an allowance regardless of whether or not they do their chores.
Q: Should I give my 12-year-old a lump sum or a weekly allowance?
A: It’s up to you whether you want to give your 12-year-old a lump sum or a weekly allowance. Some parents prefer to give their children a lump sum at the beginning of the month, while others prefer to give them a weekly allowance.
Q: Should I give my 12-year-old a debit card?
A: It’s up to you whether or not you want to give your 12-year-old a debit card. Some parents find that this is a good way to teach their children financial responsibility, while others prefer to give them cash.
Q: Should I set rules for how my 12-year-old spends their allowance?
A: It’s up to you whether or not you want to set rules for how your 12-year-old spends their allowance. Some parents find that setting rules is a good way to teach their children financial responsibility, while others prefer to give them more freedom.
Q: Should I give my 12-year-old an allowance if they don’t ask for it?
A: It’s up to you whether or not you want to give your 12-year-old an allowance if they don’t ask for it. Some parents find that giving their children an allowance is a good way to teach them the value of money, while others prefer to wait until their children ask for it.
Q: Should I give my 12-year-old a budget?
A: It’s up to you whether or not you want to give your 12-year-old a budget. Some parents find that giving their children a budget is a good way to teach them financial responsibility, while others prefer to let their children manage their own money.
No matter how much allowance you decide to give your 12-year-old, it’s important to make sure that it’s appropriate for their age and level of responsibility. The $1 to $2 per year of age rule is a good starting point, but you should adjust it accordingly based on your own situation. By taking the time to think through the right amount of allowance for your 12-year-old, you can help them learn the value of money and develop good financial habits.