ALLOWANCE ALTERNATIVES TO TEACH KIDS ABOUT MONEY

Using creative allowance alternatives to teach kids about money management is a valuable tool that will lay the foundation for budgeting, financial planning, and saving.

While kids enjoy receiving extra spending money and choosing what to do with it, a fixed allowance system often creates a sense of entitlement and expectation.

The Problem With Weekly Allowance

Paying your children for doing chores helps reward them for working hard. Factor in your child’s emotional maturity before assigning them tasks.

Teach Kids To Earn Money Through Hard Work

Help your child strategize ways to be helpful throughout your community. Then have them earn extra money by providing that service as they become proficient.

Teach Kids To Earn Money By Helping Others

Consider helping your child develop an age-appropriate business to help them start and grow. Lemonade stands are popular options.

Teach Kids To Earn Money Through Business Ventures

Take a step back from controlling everything they do, and offer them the space to brainstorm and decide what they want to do to make extra money.

Teach Kids To Strategize Ways To Earn Money

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