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October
Kids and Allowances
1. An allowance is not a salary or an entitlement.
It is a tool for teaching children how to manage
money.
2. There is no right amount. Rule of thumb is to
start small and increase the allowance as the
child's ability to manage responsibility
increases.
3. Manage your child's allowance in the context
of your goals. Are you trying to teach budgeting
skills? Are you hoping to encourage independence?
Decide what lessons you want to instill and then
build the allowance around those lessons.
4. Do not use the allowance for behavioral
control. Money anxieties are deeply embedded in our
psyches. Connecting an allowance to emotional or
behavioral control exacerbates this and doesn't do
much to help the child develop healthy financial
habits.
* RFFK Tips are excerpted from 'Raising
Financially Fit Kids' (2003) by Joline Godfrey.
Please visit www.raisingfinanciallyfitkids.com
or www.independentmeans.com
for more information.
© 2007, Independent
Means
* * *
Some people think they are worth a lot of money
just because they have it. - Fannie Hurst
Independent
Means, Inc. sets the standard for innovative
resources for Raising Financially Fit Kids. Your
kids are developing views on money through your
actions! This month, make a note to talk about
hidden costs - the price of that trip or the car or
club membership that DOESN'T show up on the price
tag. Source: www.independentmeans.com
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