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Teaching kids to be moneywise via Allowance

Submitted by Edi on January 1, 2008 - 05:07.

I liked reading your post on allowance and for your creativity in finding a way to teach the value of money.

We also give our kids an allowance (but not tied to chores - though they do do chores...) - b/c we felt how can kids learn about money from an early age if they don't have any money to "practice" with. We provide the kids with a savings incentive plan to also encourage wise use of their money and saving some each month. (I wrote about it earlier this month if you are interested in more details just go to my blog and click on finances.)

I worked parttime jobs when I was younger but NEVER saved any money....don't want my kids to end up like me.

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luigi