Any thinking adult knows children should be taught about handling money, but where do you start? How? When? Money experts agree that children must be taught about money as early as age 3.
You start by giving them an allowance, usually their age in dollars per week, or half of that. Dave Ramsey advises against an allowance, but we have chosen to give one because it is one more way to discipline them. Back talking? That will cost you a dollar from your allowance. Refusing to do chores? I will have to take some of your money to pay your sibling for doing your work.
By the way, we don’t link allowance to chores. It’s two different things. Should allowance be tied to chores? You decide after reading this debate on the Wall Street Journal.
Chores are split into two categories: Continue reading