Monday, April 26, 2010

Tips on Allowances

  • Stacie gave a great answer on the last post.  A good time to start using an allowance is when children start to notice that money "buys" things.
  • Also, parents of young children can talk about money and "play" cash register and pretend play with kids a few years before they get an allowance.
  • Letting children of any age "eaves drop" into your thoughts is always a good tool to use: "Oops, I better put this back. I don't have enough money."
  • One really important tip: Children will develop a better sense of money and how it is used if they see parents using REAL MONEY.  It's really helpful for parents to let children see them using cash not debit or credit cards.   Studies are clear...people spend less when they use cash instead of debit or credit cards... 12% less.

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