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Allowance

Educating Your Child About Money.

“Teaching the child the value of money is a very important life skill,” says clinical psychologist Dr. Lee Hausner, “It's starts when the child is young enough to understand about money which is generally about 7 or 8 and they get an allowance.”
The goal is to teach your child financial responsibility early to set them up for long-term success.
“An allowance should be given in three parts. There's a part that the child can spend immediately. There's a part that you want the child to put in savings so they understand saving and delaying gratification and there's a part that I want the child to give to charity,” says Dr. Hausner, “Giving a gift card that has a limited amount of money and then letting a child go to the store and having to purchase something within the confine of a gift card is another very good technique for a younger child. As a child gets older, in high school, I like a child a clothing allowance so they learn how to budget a fixed amount of money. At that point, they can learn to have a checking account. They ... Read more

Lee Hausner, PhD Psychologist & Wealth Advisor, shares advice for parents on the best way to teach your kids about the value of money and financial responsibility
Kids in the House
Through an allowance, you can teach your child the value of a dollar and to be fiscally responsible.
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Watch Gregg Murset, CFP's video on When doing chores doesn't equal getting an allowance...
Watch Video: Should parents spend on non-essentials when kids have their own money? by Gregg Murset, CFP, ...
Watch Video: Should parents have a say in kids spending their own money they have earned by Gregg Murset, CFP, ...
See Michele Borba, EdD's video on Time for allowance...
See Magnus Hellberg's video on Tips for teaching kids about money and allowances...
Watch Denene Millner's video on Allowance and how to spend it...
Chris Fulton, PhD Clinical Psychologist, shares advice for parents on whether it is a good idea to pay their children for good behavior, and if so, when it is most... read more

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