A young child may have a small allowance but it can be used only for a few things ? candy, snacks, small toys. But as the children get older, their allowance can increase, but they now are responsible for their own personal items, clothing, and meals out. The idea is that Mom and Dad do not bail the kids out financially. The kids have to learn how to live within their means, just as we all have to do. |
Parents should talk about their financial choices regarding shopping, savings, paying bills and sources of income. Parents should be a good example. |