GUEST BLOGGER: KATHY RIGGS
A common question for parents may be, “At what age should I begin teaching my children the value of money- earned or gifted?” University of Illinois Extension specialists have compiled a list of the top things children should know about money by the time they reach middle school. We’ve added money concepts for ages 16 and up from the Teaching Children Money Management publication and broke them out, by age, below.
According to financial experts, an allowance is “a fixed amount of money children receive on a regular schedule, with the understanding that they will pay for certain agreed-upon expenses.” When best practices are followed, allowances can be one of the best ways to teach your children financial responsibility. Below are some hacks for turning an allowance into an educational tool.
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