Welcome to the March edition of Financial Friday, Oklahoma Money Matters’ online personal finance question and answer forum. This month, we're answering a question about giving children an allowance.
My 8-year-old has been expressing interest in receiving an allowance lately. While it's a positive idea, I'm pondering the best approach to educate them about money management and spending, considering their young age.
Getting an allowance presents an excellent opportunity to instill crucial money management skills in your child. The lessons they learn now will significantly impact their future financial planning and handling of debt. Here are some effective strategies to impart financial wisdom:
Regardless of your chosen method, strive for consistency and maintain an open, honest dialogue about earning and spending money. Remember, your influence and actions serve as the most powerful educational tools! For more information about teaching your kids about money, check out our resources in the "Parents" section at OklahomaMoneyMatters.org. |
As always, if you have money-saving tips you’d like to share, send us an email at OklahomaMoneyMatters@ocap.org or submit a personal finance question for a future edition of Financial Friday.
Thanks for participating in Financial Friday. It's never too late to take control of your financial future!
The OKMM Team
Financial Friday is a service of Oklahoma Money Matters, the financial literacy initiative of the Oklahoma College Assistance Program, a division of the Oklahoma State Regents for Higher Education.
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