Not Giving Your Kids an Allowance? Here's Why It’s a Missed Opportunity! by Ellen Rogin, CPA, CFP
Allowance is one of the best ways to teach kids about money. Each week, your child has the opportunity to learn about spending and savings - and possibly giving, too. You can start as young as kindergarten. I suggest three parts to allowance:
- money they can spend
- money they should save
- money to give to charity
Let them decide how to spend it; don’t sway them (unless it’s on items you don’t allow in your home). This is how they’ll learn about wasting money, how buying stuff doesn’t bring happiness and other important lessons.
Learn more about kids and money here!