Parents always had questions about whether or not to give their child an allowance. At what age? How much? Also, how they can keep track of the allowances through kids money app.

An allowance is an amount of money allotted to kids at regular intervals for a specific purpose. Parents may provide an allowance to their kids for their personal spending. For example paying for cleaning their own room, folding clothes, doing laundry, etc.

Allowance teaches kids important money management skills, like to save money for things they want, how to budget their money, and how to choose between competing spending goals. It is important that you talk to your kids about the value of money, and it’s best to do so is to give them an actual allowance.

As kids get older, their interests will have their limitations. An allowance will help them to learn about money and to use it wisely. Clothing is one of the most common forms of allowance. You estimate how much you spend on clothing your children, and give them the money to spend on clothes as they wish.

Teach your children to look after their own money, and as they get older they can buy all sorts of other things than clothes like cell phone, going out, movies also things that they want and you are paying for at present.

Things take into account while making allowances:
The things should be absolutely clear between you and your kid that what the allowance covers. Are they supposed to pay for their own school uniform, sports gear, outfits, and so on, or just some limited things?
If you want to make any restrictions, tell your kids clearly in advance about the norms. Think this through carefully before you set up the rules, or you will end up having an argument on your hands if you try to impose new conditions later.
Your child is going to take a while to learn how to budget. Initially during the learning phase make the allowances little and often. Give them a quarterly allowance and talk through with them what they think they need to buy.
If they run out of money through bad management and you bail them out, they will not learn and might take it for granted. So don't bail them out if you can possibly help it. If you have to give them money then make sure it's something they won't want to happen again.
The allowances should not be too high. If you give kids too much, keep track of their spendings in kids allowance apps otherwise they won’t learn how to budget and allocate money. They will never get a chance to prioritize among competing spending goals.