Allowance
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Parents often give their children an allowance (British English: pocket money) for their miscellaneous personal spending, and also to teach them money management at an early age. Allowances can be tied to household chores or other types of responsibilities. Allowances give children a better understanding of money management, teach them the value of money, and give them personal responsibility and encouragement towards independence.
As a punishment
A common punishment is to withhold part or all of the child's allowance because they have misbehaved. The amount withheld is usually a function of the severity of the crime.
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