Gorham, Liz

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DigitalCommons@USU

A weekly question/answer column How Can I Teach My Children BasicsAbout Money?Liz Gorham* answers:A weekly allowance is one of the best ways to teach your children financialresponsibility. Here are some tips for turning an allowance into an educational tool. • Start when kids are young, usually about age six. This is when kids start to understandthat some items are worth more than others. • Be specific about what their allowance must cover. In the beginning, an allowance cancover extras, such as toys. For teenagers, the allowance can include such items as clothingand transportation. • Resist the temptation to come to their rescue. Let kids feel the effects of their buyingdecisions. You'll reinforce financial responsibility, and they'll spend more wisely nexttime. • Encourage kids to save a portion of their allowance. This savings can go toward big-ticketitems such as a bicycle or stereo. • Think twice before tying allowances to chores. A better idea is to pay kids for extra-largejobs, such as washing the windows. * Liz Gorham is Utah State University Extension Family Resource Management Specialist 

How Can I Teach My Children Basics About Money?

https://digitalcommons.usu.edu/cgi/viewcontent.cgi?article=1253&amp;context=extension_histall

How Can I Teach My Children Basics About Money?

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