Teaching children about money and how to manage it early on will prevent them from having to go through the debt vortex so many Americans find themselves sucked into. Schools are lacking in any real, useful knowledge about money management so the responsibility is on you to teach your children.
The earlier they learn the more comfortable and wise they become about personal money management for kids. Be proactive in teaching your children about money as well as your grandchildren.
Some good ways to teach kids about money with an allowance…Allowance for Kids – Let Us Know How You Feel
Parents are split down the middle of whether an allowance for kids is beneficial or if it lends to the sense of entitlement so prominent in today’s society. My spouse and I struggled with the same issue while we weighed out the pros and cons of an allowance for kids.
This article will address the pros of allowance giving and a later article will discuss the cons.
It is important for children to learn to value and use money responsibly. For the best possible outcome later, it is best to start this teaching as early as possible. If children grow up with good money management skills, they will never know any other way and are conditioned by habit to have good money morality.
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