August 20, 2014

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Giving Children Allowances Teaches Responsible Financial Management

Giving your children an allowance teaches them to be responsible financial managers by learning to wisely save and spend money.

Some parents may want children to do some tasks or chores around the house to “earn” the allowance; other parents prefer to simply give an allowance. This is a personal decision.

Set a base amount for each child when you establish the allowance system.  Once you establish a specific amount, stick to it.