My younger sister can’t save money for anything. If she gets $20, she goes out and gets her nails done, without any idea how she will pay for the upkeep. Watching her made me realize that I needed to teach my children about money.
Give your children an allowance that is age appropriate. For our kids, they get half of their age in allowance. So, on their birthday, they always get a 50 cent raise. We provide chores during the summer and expect them to help out when needed during the school year. Set some rules for earning the allowance and an amount for your children.
Now that they are earning some money, teach them about saving it. Many banks have savings accounts for children. Help them decide how much money they want to have to spend and how much to put away. Make them a chart that keeps track of their money so they can watch it grow.
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