As kids get older your way of doing allowance may change. Giving coins as part of allowance when kids are small is great, because it teaches them value of each coin and how they relate to each other. When the children become older, you may consider opening up bank accounts for them and teaching them how to use bank cards and understand their bank account statements. This will prepare them to manage their finances in a cashless world since our society is heading in that direction, whether some of us like it or not. Regardless of what our personal preferences are, it is our parental duty to teach our kids how to properly conduct transactions and maintain financial health in a cashless world. Here are the links to some of the videos that are mentioned in this video:
- Allowance for Younger Kids:
- How Much Money to Give as Allowance:
- Kids Spending Their Own Money:
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