Allowance

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Teaching Kids About Money

A basic financial life skill is knowing how to live within your means – something that schools don’t teach. The live-now-pay-later lifestyle is alluring, with credit card companies targeting adults of all ages, starting with college students. It’s all too easy for young adults to max out several cards and paying the minimum each month until they’re in so deep they have no choice but to file for bankruptcy. Perhaps if parents can teach their children, starting at a young age, how to successfully manage money, the danger of living beyond their means could be prevented. Here are financial lessons…

5 Questions to Ask Before You Give Your Kids an Allowance

By the time your kids are ready to enter kindergarten at age five or six, chances are they’ve surmised that the things they want cost money. Most financial and parenting experts agree that this is the right time to start giving your children an allowance. An allowance can be a great way to teach your kids valuable lessons about money management, a healthy work ethic and responsibility. But determining how much to give them – and the conditions for giving them an allowance in the first place – can be a headache. Asking these five questions will help you manage the…

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