When should children be taught lessons on money? This is a common query among parents.
Many instructional angles can be brought out when we deal with money and our kids, but let’s zero in on allowance this time. Allowance refers to small amounts of money given for extras, and sometimes, for necessities. A regular allowance can be a very effective teaching tool as long as parents clarify what they will provide and what the allowance is to be used for. When parents do this, they teach the young how to set priorities, discriminate between needs and wants, and how to develop the restraint necessary towards saving.