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Give Allowance to Develop Self-Control and Planning Skills

Tags

Mathematics Study Skills & Tools Social-Emotional Learning ^Extra-curricular/At-Home All Ages Strategy

Skills

Self-regulation Abstract Reasoning

Give Allowance to Develop Self-Control and Planning Skills

Being responsible for money can help children learn to plan, save and make sensible decisions about spending.

How To Apply It!

  1. Teach about budgeting and saving by having your child experience it firsthand with a pre-paid debit card or an allowance.
  2. Discuss rules for debit cards that include what can/should be purchased and how to keep track of money spent.
  3. Allowance should be considered an educational tool, not a wage or a bribe for doing everyday chores, such as room cleaning.
  4. Financial planning and saving are valuable life skills and getting started early can only help.

Why It Works (the Science Of Learning)!

Trust truly is the foundation of any strong relationship. This is just one relatively low stakes way to show your child that you trust him and teach responsibility around spending, saving and budgeting money.