An “allowance” for your kids to learn and grow
I have a confession to make…a couple of years ago, I use to give my kids an allowance via the tooth fairy. Admittedly, I didn’t know better. I, now, know what a powerful learning tool an allowance can be to my girls as they begin their financial literacy journey. Giving our children an allowance creates learning opportunities for our kids to use money in practical ways. When our children are small; money mistakes are small (buying too many sweets) when our kids are big, money mistakes get very big (too much debt). I know at which stage I would like them to learn their money mistakes, don’t you? So, let’s start them early! An allowance helps kids “plan ahead” to make the future more tangible – kids usually think in the here and the now but an allowance helps our children “practice” waiting until they have saved enough to buy what they really want. Some pointers parents need to remember before they start to give allowances: Allowances are a TOOL to teach kids about money...