How can giving an allowance help my kids manage money?

Michele Borba
One of the best ways for kids to learn to manage money and keep a budget is by giving allowances. How much to give depends on your child’s spending habits and maturity, and your comfort level. But the keys to allowance success are these: Set a certain amount. Explain to your child what the allowance will cover (such as school lunches, movie tickets, makeup, and birthday gifts for friends or just nonessentials). Pay regularly at the same time and amount each week. And don’t bail them out!

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