Give your kids an allowance so they learn how to manage money; because kids and money can be a dangerous thing if they are not properly introduced.
These days children learn at an early age the value of money. Grandparents, Aunts, and Uncles begin giving coins and dollars to the little ones before they can hold a bottle it seems.
When you child begins to ask for money it’s time to start teaching the value of money. There are times when our own issues with money overshadow our ability to effectively teach how to use money, but it is important to push past the demonized views we hold.
Giving an allowance opens the door to practical education in money management. There are many online tools available to help with the task or you may choose to use the old pen and paper method.
The basics of income, savings, and expenses are usually all that is necessary in the beginning. As the child gets older more lessons can be taught from how to save, charitable giving, shopping, and paying bills.
Teaching delayed gratifications is another important lesson. The sooner your child learns this the less heartache they will have or destructive choices they will make when they grow up.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
