I still remember walking into the bank with my dad and little brother in tow. I was finally going get my very own bank account! Without understanding what I was doing, I handed over my $5 and received a brand new, shiny debit card.
3 Fun Ways to Teach Your Children About Personal Finance
Here are 3 ways to help you teach your children about money:
An allowance teaches children to be responsible with their money and that they need to work hard to earn it. Giving your child an allowance is a very simple way to teach them about money management.
First, you need to decide if when you will give out their allowance: this could be weekly or even monthly. The timing of the allowance doesn’t matter too much.
How do you know how much money forms a fair allowance? The general rule of thumb is $1 per year of age on a weekly basis. So a 3-year-old will earn $3 per week and a 12-year-old would earn $12 per week. Of course, you can adjust this amount up or down depending on what you feel is reasonable.