Getting an allowance as a kid is one of my fondest memories. It was always in exchange for the completion of chores or tasks designated by my parents. The best part was that I knew all I had to do was to get the tasks done and I would receive money — money that I used to buy pizza, baseball cards, and to go to the movies with friends.
Teaching kids about money can be a complicated and tedious task that may not be really understood until they get their first job or have to start paying bills. An article on money management for kids from Today’s Parent suggests that children who are shown how to be responsible about money early on will be much more likely to stay in good financial shape down the road. The article goes on to offer tips on how to teach your child lessons in value and the pros and cons of spending vs. saving.
Check out the full article here.