Some tips from Katherine Lee, editor of Working Mother Magazine:
- Halve your child's age as an allowance
- Don't buy them big ticket items when it's not their birthday or X-mas
- Involve the older kids in the family's financial decisions
It's a good idea to start now. One study shows that a third of kids between 13 and 18 already owe someone money. Best to get started right away if you want them to understand the value of a dollar.
Thank you for this information. I am a CPA and have an upcoming workshop that covers financial anxiety and what to do about it. I think this is what we are teaching our kids, unfortunately....that keeping up with their peers is more important than their feelings...and their peace of mind.
Posted by: Ici | June 14, 2008 at 06:39 PM