An allowance helps children understand the value of money

An allowance helps children understand the value of money by letting them make financial decisions early on. Parents can give weekly or monthly allowances, setting expectations about spending and saving. Younger children often spend their allowance quickly, learning the importance of budgeting the hard way. Older children may save for larger purchases, teaching them discipline and goal-setting. While paying children for basic chores is discouraged, compensating them for extra work can teach business principles. Allowances also introduce concepts like sharing, saving, and investing. A savings account, for instance, helps children grasp compound interest, illustrating how small savings can grow over time.

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