Spend, Save & Give: How 3 Buckets Can Help Teach Kids Your Money Values! by Ellen Rogin, CPA, CFP
Wondering whether you should give your kids an allowance or not? It’s a wonderful way to teach your kids about money! We split kid's allowances into three buckets:
This relates to the money values we want to share with our kids. From the time they were 5 years old, we’ve been giving our kids an allowance. They are allowed to decide how to spend (or not spend) the part of their allowance allocated for spending. They go to the bank to deposit their savings money and they choose the charity for their giving money. We guide, but they decide. It's never too early to start teaching your kids about money!