financial and kids - FamilyEducation
financial and kids
10/20/2010 at 11:04 AM

Hi everybody,
My name is Julia and I have 2 kids age 7 and 9. My kids are now starting to ask me for extra money, I always give some money for them to take to school, but now that their friends have an allowance, they want it too. At what age do you think they should start to manage their own money? Can you give some advices on that?

If they want extra money, they can do extra work. Taking care of their own stuff doesn't get extra money, but cleaning and vacuuming the car or doing other chores that benefit the whole family could be on a pay schedule.

It's definitely time for your kids to learn about earning money and the value of the work ethic. It's also a good time to teach them to save some of their earnings. Saving is such an important lesson to include in teaching your children about earning money.