I was talking to a friend of mine recently about setting up an allowance program for her six-year-old daughter.\u00a0 Six is the perfect age to get an allowance going.\u00a0 Kids this age understand a lot about money and it’s time to start giving them some responsibility managing\u00a0some so that they can begin to get into healthy habits.<\/p>\n
“She’s not interested in money at all,” my friend told me.\u00a0 “She doesn’t like to go shopping and never asks for anything.”<\/p>\n
I was a little surprised since most of the six-year\u00a0olds I know are pretty clear about what they want.\u00a0 And then I glanced around their house.\u00a0\u00a0 Her daughter already had just about everything she could possibly want.\u00a0<\/p>\n
“What happens when she wants a new webkinz?” I asked.<\/p>\n
“Well, I’ll usually buy it for her.”<\/p>\n
Hmmm, I thought.\u00a0 No wonder she’s not interested in money; she doesn’t need any.\u00a0\u00a0 So\u00a0I recommended that she stop buying everything for her daughter and give her a small weekly allowance.\u00a0 That way, when her daughter\u00a0eventually wanted something, she could buy it herself.\u00a0\u00a0\u00a0And if she spent all her money\u00a0and wanted something else, she would be out of luck.\u00a0\u00a0\u00a0 Advances are not an option.\u00a0 That defeats the whole purpose.<\/p>\n
I’m not sure I convinced my friend who, I think,\u00a0feels the whole\u00a0thing would be too much of a hassle.\u00a0 Hmmm, again.\u00a0 I wonder what kind of a hassle it might be to have to deal with a young adult who doesn’t know how to effectively manage her money?<\/p>\n","protected":false},"excerpt":{"rendered":"
I was talking to a friend of mine recently about setting up an allowance program for her six-year-old daughter.\u00a0 Six is the perfect age to get an allowance going.\u00a0 Kids this age understand a lot about money and it’s time to start giving them some responsibility managing\u00a0some so that they can begin to get into healthy habits. “She’s not interested in money at all,” my friend told me.\u00a0 “She doesn’t like to go shopping and never asks for anything.” I…<\/p>\n