Start them Young!
Updated: Aug 4, 2019
Let’s be honest. The value of a dollar is a concept that even adults still have trouble understanding. So its important to start them young. How young? Most experts say around the age of 5 and this is usually tied with the emergent skills of math that begin to happen. I think the perfect time to start is when they spot something they really want because now you have the perfect motivation. This is a great way to introduce the concept of allowance. When starting an allowance here are a couple of quick tips:
Don’t tie chores with allowance. If you start on that path, then whatever they help with around the house they will expect a monetary compensation. Family is a team and things such as keeping their room clean and doing the dishes is them helping contribute to workload of the home. But if your child helps to clean out the garage or rakes the leaves unprompted, then that warrants an allowance.
Let them make mistakes. Sure, that toy that they want to spend their whole allowance is crap. You know and I know it will end up breaking within a day. But let them learn that lesson now. Little small people will have little small mistakes. Its important for them to learn these lessons now rather than when they are adults and putting down thousands on a crappy car just because it looks good. Big people have the ability to make quite large mistakes.