Great post about kids and money from one of my favorite blogs:
I especially like these recommendations taken from the article referenced there:
- Pay an age-appropriate allowance.
- Allow her to make her own choices and her own mistakes. It’s better for her to learn a lesson with $10 as a kid than with $10,000 as an adult.
- Pay him in cash. Kids are more apt to learn from the real, physical stuff insted of something abstract like a prepaid credit card.
- Give her specific financial responsibilities and don’t bail her out.
- Be punctual about payday.
- Be careful about tying an allowance to routine chores. Some experts warn that this can create a mercenary attitude in children where they want to know how much they’ll get paid for doing a chore. A better approach is a “salary” type allowance. Some people view chores as part of a family obligation and refuse to tie them to an allowance at all.