ALLOWANCE

Etymology

The word 'allowance' originates from the Middle English word 'alowance', derived from the Old French word 'alouance', ultimately from the Latin word 'allōwāre' meaning 'to approve'.

Definition

An allowance is a sum of money granted regularly for personal or household expenses or for a specific purpose. It can also refer to a quantity of something that is allowed within a set of rules or for a particular purpose.

Historical Context

The concept of allowances dates back centuries, with various forms of financial support or stipends being provided to individuals for specific needs or expenses.

Cultural Significance

Allowances are commonly associated with children, where parents provide a set amount of money regularly to teach financial responsibility and budgeting skills. In some cultures, allowances are also given to adults for personal expenses.

Related Concepts

• Budgeting
• Financial literacy
• Stipend

See Also

• Pocket money
• Salary
• Subsistence allowance