Value of Money

Teach Kids the Value of Money
Whether or not to give your children an allowance is a question all parents must answer. Here are some tips for when you’ve decided to put your children on your payroll. What are your feelings about giving your children an allowance? While some parents believe an allowance is necessary, others don’t. You might consider the view that an allowance is an opportunity to help teach your child about the value of money.

Decisions, Decisions
Deciding to give your children an allowance is relatively minor compared to the other issues you have to cover. When working out an allowance plan, you have to decide:

  • When to start giving it.
  • How often to give it.
  • How much to give.
  • How it should be spent.

a) When to Start
How do you know when to start giving an allowance? This decision is probably easier than you think. When you’re out shopping together, do your children ask you to buy them things? Walk through most stores and you’ll hear,...

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