In today’s B’s Finance Minute, our topic is about giving your kids a weekly allowance. I have an 18 year old daughter and a 15 year old son. I started giving them an allowance when they turned 8 because:
1st they learn the value of Money.
2nd they feel in control of their wants.
3rd they experience the joy of watching their money grow.
When they want something outside food, shelter, clothing and education, they have to use their own money. If they don’t have the money, they won’t buy it. My 18 year old daughter will only go to the mall when she needs to & that something must last a long time. One day she received a $25 gift card at Sephora. She made sure she bought enough items to cover the $25 including tax. She did not want to spend any of her precious savings. I like seeing how responsible and practical she is with her money.
Teach your kids money responsibility as early as possible.
Thank you for watching and I love making a positive lasting difference.
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