Using "allowance" to teach about money
If you give your children an allowance, then you have an opportunity to teach them how to handle money. One way is to require children to divide their allowance and use it for certain purposes. For instance, one-third for spending, one-third for saving and one-third for giving. The part set aside for "giving" could include the purchase of gifts and donations to churches or charities. The money set aside for "saving" could also provide opportunities to teach about mutual funds and other investment opportunities. Even young children are surprisingly capable of understanding such concepts.
Of course, dividing allowance into thirds is just one idea. You use whatever fits your family’s needs and values.
(The issue of attaching allowance to chores was already discussed in a previous tip. To view this tip, access the tip archives at www.realdiscipline.com.)
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