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.
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