| CHILDREN : Ten To-Do's |
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| 1 |
Instead of tying an allowance to chores, behavior, or grades, tie it to
expenses you expect your kids to cover.
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2 |
Track a month's worth of your children's expenses. Choose a few items
your children should pay for themselves, and expand that list as they — and
their allowance — grow. |
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| 3 |
Help your kids understand the difference between discretionary and
nondiscretionary expenses — a.k.a. needs and wants.
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4 |
Introduce them to the concepts of interest and compounding. |
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5 |
Make saving more rewarding by finding a fun bank and perhaps setting up a
"matching grant" system. |
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6 |
Encourage your kids to first set small goals, then progressively larger
goals. Chart each goal visually. |
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7 |
Let your kids make mistakes now. A $5 mistake now is better than a $5,000
mistake later. |
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8 |
Teach your kids to be wary of advertising. |
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9 |
Gimme-proof your kids by doing some prep work before shopping trips. |
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10 |
Instill a desire to give by making charitable giving a family affair. |
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