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Friday, September 14, 2007

Money management for children - Giving children allowance

Do you want your child to be financially savvy, then teach him the value of money and grant him allowances. Encourage your child to do extra chores to earn more!. My youngest son generally messages his father to earn a dollar While my daughter always checks out a few stores to compare prices before buying her stationery.

Here are some very valid reasons to Pay your Kid an Allowance by Cindy S. Morus .

1. They can make mistakes under your guidance
2. They will learn how to save for the future
3. They will learn that money doesn't "grow on trees"
4. They will appreciate what they have
5. They will learn to make choices and set priorities
6. They may stop nagging you for money
7. There will be less friction in your household
8. They will learn healthy financial behaviors
9. They will learn your values
10. You can teach them that it isn't all "about the money"
11. They will learn how to spend wisely
12. They will be prepared to enter the grown-up world.
13. Allowances will teach your children to be resourceful, independent and unique.
14. An allowance is a "tool to empower your children to avoid commercialism's clutches."
15. You can teach them to avoid the pitfalls of debt
16. You can help them improve their communication skills around money.
17. An allowance now could help them avoid future "marital money chaos"
18. They'll learn the difference between quantity and quality.
19. They'll learn how it feels to make a poor choice and have to live with it.
20. They'll learn how to resist impulses (sometimes, maybe!)
21. They'll learn to appreciate and take care of their things.

Cindy S. Morus (www.phelps-creek.com) is a Certified Financial Recovery Counselor specializing in showing women and their families how to achieve financial well-being and peace of mind.

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