Teaching children about money with a weekly allowance

A short, useful read for the UpdateSee community.

A small, regular allowance teaches more about money than any lecture. Pay it on the same day each week, in cash for younger children, and let them decide what to do with it, including making mistakes. The moment a child saves for three weeks and buys something they chose themselves is worth more than any amount of advice.

A small, regular allowance teaches more about money than any lecture.

Introduce three jars or envelopes for spending, saving and giving, and talk about the choices without steering them too much. As they grow, move to a basic bank account and show them a simple budget for a family outing. Children who have handled money from the age of six or seven arrive at adulthood with habits that many adults are still trying to learn.