Allowance (noun): a sum of money regularly given to a person, typically a child, by a parent or guardian as a means of teaching financial responsibility and providing for personal expenses.
An allowance refers to a sum of money provided regularly to an individual, typically a child or dependent, by a parent or guardian for personal expenses. It is a form of financial support that aims to teach financial responsibility and independence to the recipient. The allowance is usually given on a weekly or monthly basis and can be used for various purposes, such as purchasing personal items, saving, or contributing to household expenses. The terms and conditions of the allowance, including the amount and any specific requirements or restrictions, are typically determined by the parent or guardian. While the allowance is not legally mandated, it is often considered a voluntary arrangement between the parties involved.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/allowance/
- Modern Language Association (MLA):Allowance. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/allowance/.
- Chicago Manual of Style (CMS):Allowance. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/allowance/ (accessed: May 09 2024).
- American Psychological Association (APA):Allowance. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/allowance/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts