Thursday, August 21, 2008

Save money - give your child an allowance

It may seem counterintuitive to give your child an allowance in order to save money but it works! Anything extra your children would like at the store can now be their responsibility to purchase. When they ask to buy something, you can say "Sure, as long as you have enough money."

By the time children are 3 or 4 years old, most are ready for an allowance. Having their own money helps children learn about the value of money. They learn important skills like delaying purchases until they’ve saved enough money. Another benefit of an allowance is that it can end begging at the store since you can always agree to let them purchase an item if they have the money for it!
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