Tom Bates
Tom Bates, CEO and Founder is an IAPDA Certified Debt Arbitrator in the US, he offers years of experience in both the credit and collections industry and has founded Absolute to assist consumers in need of quality debt settlement at a reduced rate. He understands your already faced with mounting debt and want what is best for you. 901 South Mopac Expressway Barton Oaks Plaza Suit 300 Austin, Texas 78746
View all articles by Tom BatesCredit and Today's Children
Many parents start giving their children an allowance, and an early age.
This is an excellent way to begin teaching them about the importance of good spending and money-saving habits, all rolled into one.
By the time that most children reach the age of five or six they are probably ready to grasp the concept of receiving an allowance and the responsibility attached to it.
Of course, at this age children are expected to make a few bad judgments along the way, when it comes to how they spend their money... but that is just a part of learning.
Remember this; it is much better to make these mistakes, as a child.
Ask the countless adults who, because of bad spending habits, owe mountains of debt. Chances are, the majority of these individuals would not be in their current situation had they learned about proper spending and saving in an early age.
There is really no 'going rate' in regard to the dollar amount your child should receive, when it comes to an allowance.
The decision is strictly up to you.
Some parents may decide to give their children a larger allowance with the stipulation that an agreed-upon percentage must be put in a savings account.
In some cases, the amount of allowance a child receives is based on chores they must do, during the week. In other cases, this dollar amount is based on grades, age, etc.
Although some parents make the decision to pay out an allowance on an 'as needed' basis, it is recommended that you consider following a set schedule... such as once a week.
Doing so, helps children learn about spending limits and how budgeting is important.
This method will get them ready for the real world, when they will learn not to live from payday to payday.
This is an excellent way to begin teaching them about the importance of good spending and money-saving habits, all rolled into one.
By the time that most children reach the age of five or six they are probably ready to grasp the concept of receiving an allowance and the responsibility attached to it.
Of course, at this age children are expected to make a few bad judgments along the way, when it comes to how they spend their money... but that is just a part of learning.
Remember this; it is much better to make these mistakes, as a child.
Ask the countless adults who, because of bad spending habits, owe mountains of debt. Chances are, the majority of these individuals would not be in their current situation had they learned about proper spending and saving in an early age.
There is really no 'going rate' in regard to the dollar amount your child should receive, when it comes to an allowance.
The decision is strictly up to you.
Some parents may decide to give their children a larger allowance with the stipulation that an agreed-upon percentage must be put in a savings account.
In some cases, the amount of allowance a child receives is based on chores they must do, during the week. In other cases, this dollar amount is based on grades, age, etc.
Although some parents make the decision to pay out an allowance on an 'as needed' basis, it is recommended that you consider following a set schedule... such as once a week.
Doing so, helps children learn about spending limits and how budgeting is important.
This method will get them ready for the real world, when they will learn not to live from payday to payday.
Reader Comments
Disclaimer: The information contained on this website has been provided as a general service. Any references to specific financial, legal, accounting, or taxation issues are done so in the context of general information and should not be relied upon as fact or construed as advice by the us in any of these areas. You should consult a relevant financial, legal, tax or accounting professional to assist in your particular circumstance.
No Comments Found.