Allowances Vary
Allowances as powerful learning tools for children growing up. It gives your child the opportunity to manage their own money while still having you as a guide during the times they falter.
However, with this in mind it is important to know your kid and how much allowance you can shell out. Moreover, the terms of the allowance must be clear-cut: Will their allowance be based off on their behavior, chores, or neither? Should they save a specific amount of their allowance?
Knowing all these boundaries you are teaching the children involved thus setting them up for financial literacy.
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The idea is part of this collection:
Learn more about moneyandinvestments with this collection
How to develop a healthy relationship with money
How to create a budget
The impact of emotions on financial decisions
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