Money-Management Strategies for Kids and Teens
Kids are never too young to learn the value of a dollar. Help them hone the skills they’ll need for a lifetime of financial success with these hands-on tips.
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THE CONCEPT: Earning
Money has to be flowing in somewhat regularly if you want to teach kids and teens how to manage it (and those $20 birthday checks from Grandma only come once a year). That’s why a weekly allowance—however small—is always a good idea.
PUTTING IT INTO PRACTICE:
Step 1: Explain that gifts and lottery windfalls aside, you’re not going to get money in your pocket without performing some kind of skill or task first. Assign each child an age-appropriate chore or chores to tackle each week, and establish a monetary value for a job well done.
Step 2: Follow through. If chores aren’t performed, allowance won’t be paid. It’s that simple.
Published 05/04/2014
