Why give kids an allowance?
Clever marketers are constantly targeting children and tempting them to spend money. They are bombarded by everything from Saturday morning commercials disguised as cartoons, to slick ads on billboards, TV, internet, and magazines, More than ever, children need to get savvy about the realities of managing money in today’s material world. When do I start? When you notice your child is able to understand the concept of money, this is the best time to start giving an allowance. For most, that will be around grade one when schools include counting and making change as part of the classroom program. Six tips for a successful allowance: • Give an allowance regularly. Children should be able to count on a steady income so they can be in a better position to learn how to budget. • Give them what you can afford. There are many schools of thought on how much allowance to give. Consider examining what you spend on them per month and then decide what part of that you can hand over. Discuss your pl
