Allowance gives you the opportunity to show your children how to manage money. Allowance in our house is divided into four categories: savings, spending, investment and giving back.
Less than 31% of children between the ages of 12-18 receive financial literacy information at school and only 1% of parents say their kids save anything from their allowance. Wow! We are sending our children off into the world completely ignorant about money. Teach your children how to have a prosperous, success-ready money mindset.
A key factor to raising successful children is the thoughts that we ingrain in our children from a very young age about money. See if some of these resonate with you, perhaps you heard them when you were a child and/or perhaps you say them to your children now.