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It is the responsibility of parents to teach money management skills to their children. This process should begin when the child is five or six years. By this age, most children understand money and its value. Probably the best tool to teach money management allowance. Children who have to struggle with money not only be financially responsible, but they will also be responsible for other areas of their lives.
Traditionally, child allowance has been tied to chores they complete. I would encourage you to not combine these two institutions. When we pay our children to complete chores to undermine philosophy ‘cooperative households’. Everyone living in the home contributes to the keeping and care of the house. We want to teach our children to take ownership of their home and by promoting it. Amortization is given to a child so he or she can learn to manage money. The only time I would recommend that you pay a child for chores are if they are chores above and beyond the regular scope of participation of the child, or they are chores usually done by you, and you do not want to do them.
Compare allowance at the same time each week. Providing money in a pay envelop and set account suggests that money is, for example, if the child is six years old account could read; $ 1 allowance, $ 6 lunch money. As you children grow allowing them to manage more money and extra things that they will be in charge of purchasing, personal care products, clothing, school supplies, etc. What you hope is that they will run out months before they run out of money. Sound harsh? Well, consider the alternatives; this happens when you are not there to buffer “fall.” Would you rather they learn this lesson when financial risk is low
Please insist your children to save all their payments; you can not expect them to learn how to manage their money if they do not use their money. Saving rate of their money is a wise practice to teach your children as an opportunity to tithe. Work with your children to share as much on financial market activities with them as you can, information is power!
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