1. Incentives for Making Children Want to Save Money

    Mother and son put money into piggy bankChildren aren’t money-savers by nature. If they receive some money as a gift or for completing their chores, they likely may want to spend it on the first thing they can think of if they have not yet learned how much fun it can be to save money.

    Early on, it is important for parents to begin teaching kids to save money. One of the best ways to develop a child’s interest in saving money is to provide incentives while at the same time teaching the value of the action.

    Here are a few helpful tips for providing incentives:

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    Categories: Saving Money
  2. Motivating Kids to Help With Chores

    Dad & Father Doing ChoresStudies show that nearly two-thirds of the children in the U.S. won’t help with housework unless their parents specifically ask them to, and that half of the parents spend more time arguing with their kids about chores than the kids spend doing the chores. If you’re tired of nagging your children to clean their room or put away the dishes, try these tips to get your kids onboard with chores.

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    Categories: Parenting Tips
  3. Allowance Advice – The Ideal Time to Start Giving an Allowance is Right Before a New School Year

    Child Allowance TipsAlthough there aren’t always hard and fast allowance rules, the ideal time to start giving an allowance to your child is at the beginning of the school year. An allowance teaches discipline and responsibility, forcing kids to think about choices and consequences. It’s also a great tool for math, money management and saving for the future. When these skills are applied to children’s schoolwork, you may actually see improved grades, an increased desire to learn, and greater confidence.

    What is the best age for starting an allowance?
    You may have seen or heard a variety of answers to this question, including comments that most money experts agree that preschoolers are too young to have an allowance because they don’t fully understand the concept of money. Once kids are in school and begin learning about dollars and cents and buying and selling, they likely have a much better idea of what it means to spend money from their own stash versus having mom or dad pay. Because you know your child better than anyone else, however, you are best-qualified person to decide the age at which your son or daughter is ready to be paid.