The most important rule when it comes to giving your kid allowance

Parents you are officially off the hook. You do not need to give your kids allowance to teach them about money. Beth Kobliner, author of the new book “Make Your Kid a Money Genius (Even If You’re Not),” says the studies are mixed, and that while you can do it, “it’s not the holy grail of being a good financial parent.”

But let’s say you want to give allowance a try in your household, either because your kids keep bugging you or you think it’s a necessary part of any childhood. Kobliner says the most important element of allowance is that you are consistent. She writes: “It’s actually less important to make the ‘right’ rules than it is to stick to whatever you decide.” If you say allowance needs to cover treats and entertainment, don’t cave and buy a movie ticket once your kid runs out of cash. Plus, Kobliner says, “(It’s) important to not go crazy and make huge rules that you really can’t keep up with as a parent.” So don’t expect allowance to cover clothes or the latest sneakers, if you’re giving a teenager only $5 a week.

So how much do you give? There’s no set allowance amount that’s right for every family, but Kobliner says whether you use the one dollar for every year principle or the half-your-age calculation, “the most important thing is communicating with your kid.” Set up a payment schedule and don’t tie allowance to chores. “Unless you’re willing to negotiate each time you want your kid to empty the dishwasher or put his clothes in the hamper, steer clear of systems that pay per chore,” Kobliner writes.

Finally, give allowance in cash. Kobliner doesn’t like debit cards before college and isn’t a fan of allowance apps or websites.

WATCH MORE

5 cheap date night ideas that will lead to love

What NOT to tell your child when it comes to money

The best way to spend your 2017 tax refund