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Allowances and Chores
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Learn the best way to set your child's allowance — and whether you should reward your child for helping out with household chores. |
Credit is bad
Appropriate age group(s):
3-5
Description of technique for teaching kids the value of
money:
Next time your child asks for money to buy something, give the money as a
'loan'. Then set up terms on how the money will be paid back (Ex: 2 dollars a
month for 10 months). Set a specific day of the month and set up a "penalty"
(Ex: 1 cent interest) if the payment is late. You child can pay you back from
his/her allowance and learn the value of paying on time at the same time!
Give bad terms like a credit card would
example they borrow $10.00 charge them $2.00 interest a month until they pay
it back. Teach them how much money they lost due to the have now pay later
bug. Saving is the key to our children's future.
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