Parenting

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How are you all handling "allowance" in this day and age? (lemmy.ca)

submitted 2 months ago by [email protected] to c/[email protected]

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I pretty much only use cash for buying things on FB marketplace, so the idea of giving my kids cash to teach them about responsible spending and value etc seems antiquated. But giving them a debit card seems too abstract. What are you all doing?

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[–] [email protected] 1 points 3 weeks ago (1 children)

Read the barefoot investor. Has some great tips for kids pocket money, as well as a simple way to educate them on how to use it.

It boils down to splitting the money into spend, safe, give. Spend for lollies and random crap, save to work towards buying something big (like a computer game, RC car etc) and give to teach them the joy of helping someone else.

He also recommends that you should pay cash, so that money is real and they value it. Cards are intangible and impossible for for kids (and most adults) to really understand what they are spending.

We have used this with our son and it has worked well.

[–] [email protected] 2 points 3 weeks ago

Thank you! I’ll add that to my reading list