Today’s Parenting Reminder:
You can help your child learn about money.
If your child is old enough, establish a money management system for him. Set some rules about what happens to money that he receives for allowances and gifts.
Decide on what percentage of each allowance or gift will be for the following.
- Free spending: decide whether you will have approval of what this is used for or not; if so, only judge for matters of safety or morals, not the wisdom or maturity of his choices.
- Savings for needs: for example, college fund or summer vacation
- Savings for wants: for example, new bike or lego set
- Charity: of child’s choice
Read more about being able to wait: Teaching Kids to Wait – Part 1; Teaching Kids to Wait – Part 2
Next Parenting Reminder will be on Sept. 23, 2015 (Daily Parenting Tips).
Check Daily Parenting Tips for hundreds of past helpful reminders.