You’ve probably heard, or know from experience, that parenting is often the toughest job a person can take on.
With this in mind, I am looking into some of the top parenting challenges and sharing what I find to help all of us parents.
Paying your child allowance is one of those challenges.
Parents often wonder when, how much and how long.
While imagining your 5 year old managing money may seem far fetched, it may not be a bad idea.
Many experts agree that it is important to teach kids about money and to instill the importance of money when it comes to daily life.
Financial advisor Shane Hafner suggests starting as early as possible, especially when your child shows an interest in money and making purchases.
(Shane Hafner | Registered Rep with Securian) “If they don’t actually have the opportunity to earn their own money and have their own money, it’s too much of an abstract idea for them. They think money is just everywhere and so if we set them up on a plan and the system to earn the money and have opportunity to be out in the community and spend the money making decisions, those are things that will last a lifetime and the sooner we start them the more successful I think they’ll be.”
Hafner also suggests taking your child to open a banking account as a great way to start learning about saving.