Do Kids Need Pocket Money?
The desire for kids, especially teenagers to maintain their cool status by acquiring the latest clothes and gadgets is straining many household finances.
Parents are more likely to find themselves asking the question, should I keep handing out more Pocket Money?
What we want to teach our kids is not how to spend money, which many are already pretty good at but how to manage money.
The best way to teach kids about managing money is to set them some financial goals and allow them the responsibility of managing their Pocket Money.
This week's Money Tip can be used for both parents who choose to give their children a weekly cash allowance and those parents who prefer other financial rewards.
You will need to work through 3 steps to have this Tip working for you.
- Set the Ground Rules.
- Determine the Financial Goals.
- Keep Accurate Records.
Download the full Money Tip [pdf] here to help get your children on the path to financial success!
If you have teenage kids, read this Money Tip designed just for them.
Do You Have A Money Tip?
If you want to share your Pocket Money Tip with our readers then contact us and we can post your Tip here!