Allowance calculator for parents and children

Published on May 23, 2007 6:22 PM EST

How much allowance is right for your child? In an effort to answer this question, Visa launched calculators that let parents calculate how much allowance to give their children based on their age and other factors.

You can access the calculators at www.practicalmoneyskills.com/allowance. You can type in the amount you received as a child and receive the purchasing power of that amount in today's terms.

The site includes a variety of useful information on how to teach kids about finances. In addition to the Allowance Comparison Calculator, there is the Wants vs. Needs Calculator and the Saving for a Goal Calculator.

If you've always wandered when is the appropriate time to start giving allowance, or how to explain to children wise money management skills, this is a good resource.

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