Allowance and Money Management
Definition
An allowance is money earned or given to a child at regular intervals to teach the child how to manage money.
Purpose
Parents differ in their opinions about giving allowances to their children. Some parents believe that they should provide for the material needs of their children, and there is no reason a child should have to manage money until they are old enough to understand the working world and mature enough to make responsible purchases. Other parents feel that giving their children allowances is a good way to teach them about money and financial responsibility. If parents decide to give their children allowances, there are several ways to do it. How much they receive, how often they receive it, what they may spend it on, and whether the children must earn their allowance by...
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