Money Management For The Future: An Allowance For Children
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Written by: pepperscos
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Date: Tue, 21 Jun 2011 |
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When an allowance for children is set up, kids start to understand its importance. They become familiar spending and saving. The way in which they behave now can be modified so that when they are on their own, they have the structure in which to handle finances.
Children, as a result of technology, see money coming from a machine after a card is inserted. They have no concept of from where it comes. Parents need to banish those ideas immediately.
Parents wonder when a child should start to receive money. A good rule of thumb is to make sure the child can add and subtract. They should understand how to count change received when making purchases in public. Allow them to pay for items and make sure they know how much they should receive in return.
In the real world, adults are not often afforded the luxury of buying whatever they would like at any time. This should be taught to children. They should be allowed to enjoy what they have but also understand that saving is a great alternative. When children see their parents using cards for money, they misunderstand that it has been earned and it can create bad habits. Let them know how the money gets there. When they are given a set stipend with nothing else to fall back on, it teaches a valuable lesson.
Invest in a savings account where the child would be able to deposit a portion of their monies each month. This helps with controlling finances. Children become awakened to how their money adds up when saved. Take it a step farther and buy CDs or place some in a money market account. There are loads of lessons to be learned and independence to be gained from deciding between spending and saving.
An allowance for children is an excellent idea. Parents need to evaluate their kids to make sure they have a full understanding if what this means. Give them a rundown on what your expectations are in regards to the cash and monitor their behavior. These life lessons play a big part in how they behave once they are on their own.
Derrick Janson is an expert in Teaching Kids About Money . He has taught about allowance for children topics, budgeting, saving money and making money for kids.
Source: Money Management For The Future: An Allowance For Children
http://www.financebusinessarticles.com
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