Preparing kids for school… and for life
posted in General Finance |Question: As my three kids get ready to go back to school, I want to talk to them about managing their allowance and being more responsible with their spending. What some of my friends do is give their children a very small allowance and instead make them bring food to school, but as my eldest enters high school, isn’t it time to give her some financial independence? – Aida V.Â
Answer: One of the best things parents can do is to teach children the basic skills for financial stability. You cannot guarantee they will be wealthy one day, but you can guide your children so they will know how to navigate their way to financial security.
Financial lessons are not to be learned in school alone; home is the best place to learn such valuable lessons.
To start, give your children a reasonable allowance that can cover their needs plus some extra items.
Give younger children a small daily allowance that will be enough to buy a little snack or treat if they bring baon to school.
Give high school children more cash so they will learn how to budget their money. Even if your daughter in high school will be bringing food to school, give her a reasonable cash amount every day. She will thus be given the opportunity to decide what to do with it: choose to spend it in school that day or save it for an item she may want in the future. This is a good starting lesson for financial independence.
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