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Why parents should rethink allowances for kids

Slate magazine has issued new advice on allowances, advising that you should give kids an allowance as soon as they start asking about money. Slate's rule of thumb: Start them at $1 a week and give them a $1 raise for each year they age.

Feb. 25, 2015, 2:55 PM UTC / Source: TODAY

Slate magazine has issued new advice on allowances, advising that you should give kids an allowance as soon as they start asking about money. Slate’s rule of thumb: Start them at $1 a week and give them a $1 raise for each year they age.