Creative Ways to Give Money to Kids- Pocket Money for 6-14 Year Olds Teaching Kids Financial Values
Everybody Hates Chris Asks for an Allowance
Some parents and guardians may start giving children an allowance at the age of six or seven. Whatever age you start at, it is important that the child has rules to go along with how they will use the money.
By learning how to use their allowance properly, kids establish habits that will stay with them when they start to earn a salary or make a profit from a business of their own. How we handle money as adults is often reflective of habits we developed as children.
Warren Buffet on Teaching Kids Finance
Teach your children that they should save a portion of their allowance. Whether you choose to tie the sum you give to chores, or just give it freely, they should learn to save some of it.
It does not matter how small their pocket money is or how often they get it. Whenever they have cash in hand, they should put some aside for a rainy day. Nowadays adults are sometimes in situations where they are unable to get work consistently. Persons who have developed the habit of saving a portion of whatever income they get will be better able to make it through hard times than men and women who spend everything at once. Even if the allowance is small, something should be saved out of it.
Kids Financial Literacy
Children should be taught how to budget their allowance. If they have things they want, such as candy, ice cream or comics, they should learn how to share up whatever they have so they can afford the things they want.
They should be taught how to put cash aside for a specific purpose regularly, out of their allowance. For example, if they want a new video game that is something they can save towards out of their allowance. They will develop financial discipline that they will be glad to have as they get older and become responsible for meeting their own goals.
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