Children's Allowance Can Help Them Learn To Save Money And Learn Responsibility

Children's Allowance Can Help Them Learn To Save Money And Learn Responsibility

Parents spend a lot of time teaching their children manners from the time they are very young, but there are other important lessons in life about responsibility and money. Even very young kids like to help with tasks around the house and can be taught some amount of responsibility. Children's allowance can give them a way to collect money to purchase the things they would normally ask their parents to buy for them.

The kids allowance will need to be based on their age and the tasks that are chosen for them. If a child that is ten wants money to go skating each week and needs five dollars for this, they will need enough work to earn the money. They will feel as if they are contributing to the family and earning their own money.

The money earned by children should not be used to discipline them. If the assigned jobs have been completed then the child should be paid for their work. Unacceptable behavior in other areas should have nothing to do with their allowance or the ability to earn it.

They should be paid for working, but they should not be paid if they fail to do jobs that have been given to them. They may need help for a period of time to complete certain tasks, but the tasks need to be finished. They cannot learn responsibility if paid for doing nothing.

Teaching kids to save money early is also important and purchasing a special bank can get them started. Place a small deposit in it for them and encourage them to place ten percent of what they earn into their savings. This money can be used for things they want in the future.

If they consistently save money, they can be rewarded by making an additional deposit. Matching the total amount of their savings may also be something special to do. This is a good time to explain how a bank pays interest and that the interest you are paying is in their future.

At the end of the day make allowance for kids fun and exiting and they will enjoy learning about money.

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