There are a lot of reasons to give children allowances. Letting children earn and manage small amounts of money teaches them about budgeting, spending, saving, and giving. Plus, if you’re in a home where allowances are tied to chores—or a home where allowances are given freely but extra money can be earned by completing certain tasks—children learn what it feels like to earn fair financial compensation for a job well done. However, you should also teach your children what it feels like to go into debt. On Medium, Julie Morris explains why she decided to let her 8-year-old daughter go into debt to purchase a pair of shoes: I haven’t let them ‘borrow’ till now. How will that affect eldest daughter? Will she feel the weight of the debt burden from those glittery new sneakers that she couldn’t really afford yesterday? Will it dim the joy of wearing them to church tonight? It might. I hope it sucks some the joy out of her weekend. While the idea of deliberately “sucking joy” out of your child’s weekend may seem harsh, there’s a bigger lesson at play here. By requiring her daughter to spend the weekend doing extra chores to pay… Read full this story
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