1/18/22-Should kids get to spend their money however they want?
- January 18 2022
- By: info@njcfe.org
- 0 Comment
Should kids get to spend their money however they want?
January 5, 2022 | todaysparent.com
Toronto mom Blake Eligh was determined to teach her kids key financial lessons before they had to go out into the world on their own. She did this, in part, by giving her two daughters decision-making power over their own money from a young age. She and her husband set the girls up with both an allowance and a savings plan when they were eight and 11 years old. Now her kids are 12 and 15 and Eligh only wishes she’d started earlier. “Giving them a chance to learn about spending money at this point allows them to make financial mistakes when it doesn’t really count.”
But what do the experts say? If Grampa hands your kid some cash or they’ve saved up a bunch from weekly allowance, should they get to spend it all however they want?