There comes a point in every child’s life where it becomes impossible to take them to a store without them asking you to buy them something. It’s frustrating for parents, but it’s also a sign: It may be time to start giving them an allowance so they can know just how much their toys cost – and whether they’re really worth buying.
Use allowance money to teach them the value of balancing wants and needs.
Research from Investors Group has shown that Canadian parents are proactive when it comes to teaching their children about personal finance – with 82 percent frequently or sometimes having conversations with their kids about good money habits. But how should parents give an allowance? Tie it into chores? Should you teach them about budgeting, too?
Here are some allowance-related tips to get you started.