How old should a child be before let him have money?

Philippines
September 23, 2010 10:42pm CST
I have a seven-year-old son. I don't give him money to school. A lot of his classmates bring money to school and they know pretty well how to use it. I don't think they should be given money at a very young age, but somehow it helps them to learn how to compute. Some of them already knows how much should be his change when he buys something.
3 responses
@asyria51 (2870)
• United States
24 Sep 10
The kid I watch in the morning is 5 and in all day kindergarten. She keeps a quarter in her lunchbox for at lunch. Other than that, I really do not think that kids need money at school, unless they are bringing it to pay for school lunch. At the store, under your supervision, giving a child money is a great and valueable life lesson. They learn how much things cost, that you have to choose between things that you want if you do not have enough money for both. I know that my cousin has the kids tell her how much change she should get, and then the kids get to keep the coins if they are correct.
• Philippines
25 Sep 10
Good idea. Actually, I started giving my son 20 pesos every Sunday when he was six years old. I also let him keep the money he gets from selling junks. He keeps his money in his wallet. I do not allow him to bring it to school. If he needs to buy something, he needs to ask permission from me first. Whenever he buys something, I tell him what happens to his money, that his wallet will become depleted over time if he keeps on buying stuff, and that he should buy only what he really needs.
@dorannmwin (36698)
• United States
6 Oct 10
My seven year old daughter isn't allowed to take money to school, I write a check to pay for her lunch money, but I don't send cash to school with her anymore because she lost some last year and it put us in a bind. That said, there are other times that she is allowed to have money. I think that this is important because I'm teaching her at a young age to control money and to be responsible with it. I think 5-6 years old is when you should really start teaching children about money.
• Philippines
24 Sep 10
I think it would be better for the kids to let them know first the value of money.. Giving them money at their young age may let them buy anything that is less important and it may let them think also that you have much money and that sooner they will ask for more..