How to create an iTunes allowance for your kids

Thinking about creating an iTunes allowance for your kids this holiday season? If they've got an iPhone, iPod touch, or iPad you may not want to give them unfettered access to your own iTunes account (Justin who--!?! Smurfberry what--?!?!) but do want to let them learn a little about personal finances and opportunity cost. iTunes allowances can be a great middle ground and we'll show you how to set one up, after the break!

  • Launch iTunes on your Windows or Mac computer
  • Click on the iTunes Store in the menu on the left
  • You will see the Quick Links menu on the right hand side of the iTunes Store
  • Click on Buy iTunes Gifts
  • Scroll down till you see Allowances and click set up an allowance now
  • Fill in the form and voila you have set up an allowance for your kids to use

If they don't already have an Apple ID, you can create one for them.

Allowances can range from $10 to $50 (?!) a month. Also, according to Apple:

You can set the allowance to begin immediately or on the first of the coming month. Amounts not spent in one month roll over into the next, and you can close the account at any time, withdrawing any funds currently in it.

Have you used an iTunes allowance with your kids? If so, how's it working out? Let us know in comments!