That first allowance is a rite of passage for plenty of kids as they experience a little taste of financial freedom. Now they can finally buy that junky plastic toy that will break five minutes after they bring it home.
Some parents base allowance on the completion of chores, hoping to instill some lessons in the rewards of a job well done. But many experts recommend that parents use an allowance for a different purpose: To teach kids about money, credit, debt, and impulse buys – and to let them make small financial mistakes when the consequences aren’t so dire.
“It’s my responsibility, just like I would give them more opportunities to mess with their own nutrition or own bedtime, they’ve got to try it out while I’m still here supervising to see when it goes wrong,” said Dr. Deborah Gilboa, a family doctor and author of Teach Responsibility — Empower Kids with a Great Work Ethic. Read more...
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