Back when my siblings and I were younger we were often jealous of our friends who got an allowance. Our parents raised us on the mindset that they had the money and we were dead broke. Our allowance was the roof over our head and the food on our table.
I could ask for five dollars to bike to the store with my friends, but that didn’t mean I was going to get it. I now have a good understanding of money, as do some kids who grew up with an allowance.
Both schools of thought can be effective in teaching kids about financing, as long as a respect for money grows along the way. No matter which approach you choose, here are some tips for better teaching your kids about money.
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