Kids and Money: 5 Tips on Allowances

27 Aug

1. Decide when to start. Experts recommend starting at age 4.

2. Figure out an appropriate amount. Discuss with your child and have them learn how to negotiate pament.

3. Talk with them about saving vs. spending. A three jar setup with saving, spending, and giving is a great way to teach kids about money.

4. Define that allowance is not a reward for household duties. Everyday must-do chores do not receive pay, but extras do.

5. Reward proper spending habits. Match any money they put towards savings.

 

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