Feeling A Little Like Cash Machine These Days?
Feeling a little like cash machine these days
? Get the kids off your back and start up an allowance program. With a little planning and flexibility, you'll be well on your way toward escaping those "I'm the bank" blues. You'll also be helping them Links Of London Charms understand the value of money, as well as how to use it responsibly--knowledge that lasts a lifetime.An allowance can help kids learn to manage money, be responsible, set goals and plan for the future. At the same time, it can provide you with a better grasp on how much your kids really spend. But before you start handing out the cash, consider the following:
1. Why do you want to give an allowance? What goals would you like to achieve?
2. How often will you pay the allowance (weekly, biweekly, monthly, etc. )?
3. How much do you think your child needs (and can handle)?
4. What financial habits do you want to pass on to your child?
5. What will you do if your child wants something his or her allowance won't cover?
6. Most kids are ready for an allowance by age five or six, but it's up to you to decide when the time is right.
An allowance can be based on your child's age, your own financial resources, the expenses it will cover and the goals you and your child wish to accomplish. Basically, you want to come up with a realistic, agreed-upon amount that your child can manage with confidence.
To set an amount, sit down with your child and create a list of expenses (lunches, after school spending, weekend activities, savings and so on) to help each other understand what the money needs to cover. Be open to your child's needs and wants. Consider short-term and long-term goals, such as special events or savings plans, and be honest about any specific rules you want to set.
Ask yourself the following questions before you sit down with your child:
1. Will the child be allowed to spend freely, or will you expect a record of purchases?
2. Will you encourage savings? Will you require it?
3. Do you want to provide ways for your child to earn extra cash?
4. Will you allow advances for special situations? How will they be repaid?
5. Will you limit what your child can and can't buy?
6. What type of rationale will you consider when it comes to increases?
Kids of different ages will want to use their allowance for different things. It's up to you to help them set limits and goals. After that, it's up to Links Of London Bracelets them to stay within those limits and reach those goals, and also to learn from mistakes when they don't.
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