Tuesday, January 7, 2014

Start the New Year with Allowance

A is for Allowance!

Allowance is a great way to help children develop positive money habits.
Children who are asked to make choices with their own money on a regular basis are more likely to ask questions about money, save money and understand the importance of giving back.

As a parent, the toughest piece is sometimes remembering to have "cash on hand" for "payday".  We were successful with a allowance in our house when we made the collection piece our children's responsibility.   When I was growing up my dad remembered to give us allowance each week but in our busy house I am lucky if I remember dinner so it worked for us to have them come to us on Sundays. 

Allowance is a tool to give kids a chance with money management! The amount the kids are given does not make nearly as much difference as the fact that they are given money on a regular basis and asked to manage it. Older children can be given real responsibility with allowance, like buying lunch at school once a week.

They say it takes 21 days (weeks in this case)  to make a habit stick......give it a try!

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