Money is something everyone wants. It is something we are all looking to earn, hoping to make more of and never seem to have enough. Teaching our kids how to handle money is something parents should think about while the kids are young. It helps in their development, and will teach them to save and not throw their hard earned money away. Childrens allowance feeds their self confidence and self esteem. Earning it and learning to control it gives them a sense of power and offers them choices in their own lives.
Kids learn how to build their work ethics. If they are allowed to earn money for chores and other incidentals, it motivates them to do the best work possible. It teaches them that they will be compensated for a job well done. Money makes us all feel valued and kids are no different.
Kids who earn their own money on a regular basis find that they are able to make some of their own choices. They have a little power as they have the opportunity to decide how they spend their money and how much they can save.
There are many great learning opportunities when kids are earning money. They have the chance to make decisions such as how much to save, how much to spend and when to lend money to someone else. All these lessons build character and will make them stronger as they get older.
They learn that if they really want something, they can plan for it. They find that time is on their side and saving their money will get them where they want to be.
Parents who pay childrens allowance are creating people who will learn to be responsible as adults. They will learn the lessons of savings, why it is important and how to save on a regular basis to keep their savings growing. They will learn to value their money and in turn, they will value themselves.