Why Should Children Get An Allowance?
Posted on 31. Oct, 2010 by raiders1 in People
There are so many reasons why you should work out an allowance with your children. For one thing it teaches
them the value of money. This will teach them how to manage their money. You can even make a really big deal of it and take them to a bank and have them open there own account. This makes them feel big and grown up and even shows them how much money really means. But in order for this to work there needs to be responsibility for both the parent and the child.
You need to be clear on what you expect an allowance to be used for. If your child spends his allowance within like two days of getting it then he needs to know that he has to wait until the next allowance day before getting more. Money should not be used to manipulate your child. You should also be flexible, if they ran out of money and there is a really special event that they want to attend, it won’t hurt for you to be generous once in awhile as long as it does not become a habit. Also keep in mind that children will learn major lessons about the true value of the dollar by example. You could involve them in your budgeting procedures, show them exactly where all the money goes and teach them about the bills and what needs to be paid and what happens if the bills are late. These are all just suggestions and things that can be helpful to your kids and learning about money.
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