There’s little argument at this point that handling money as a child will prepare you for handling money as a young adult and eventually, as an adult. Great. But what exactly (as in literally) do the benefits of giving allowance look like? Why is it such a valuable commitment?
Well, imagine for a moment, that you have been giving your children money each week from the time they were four years old and each week they were encouraged to make decisions about the money. Imagine if you handed over the gift buying power, the junk food buying power, the cheap “crap” purchasing power, and so forth. Imagine if you allowed your child to experience the frustration when she didn’t have enough money to go out with friends, buy the perfect jeans or pay for her car payments. If you can imagine these lessons during childhood, you can imagine her respect for money heading into the real world. The Benefits of Giving Allowance (Why it’s worth the inconvenience of getting cash and handing it out!)
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