An allowance is your child's first experience with budgeting. Do you pay your kids for the chores they do every week? Or do you give your kids 'mad money' to cover their expenses?

A Mint.com blog took a look at American averages regarding weekly allowances. They found that the average American child receives 50 cents per week based on their age. So a 12 year old would receive $6 per week. They also noted that $1 per week based on age was also common, meaning that 12 year old would receive $12 per week. We have also heard from listeners that $20 per week for teens was typical in the Utica area.

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Mint.com also discussed what makes a good starting age for allowances. Of course, that is totally up to you, and depends on what you expect your child to pay for with that money. They suggested that 6 or 7 is a good age to start teaching your kids about being responsible with money.

What are your allowance rules? How much do you pay your kids and how old are they? Do you increase their allowance every year? Let us know in the comments below.

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