Robin Taub is a Chartered Accountant, and author of the book “A Parent’s Guide to Raising Money-Smart Kids”.
Originally published on RBC Discover & Learn
By Robin Taub
An allowance is one of the best tools for teaching your kids about money. Some families believe that an allowance should be payment for chores their kids do around the house. Other families strongly disagree. They feel the chores should be done as a family responsibility and the allowance is purely a money management tool.
Whatever you decide is right for your family, be sure to explain that to your kids, so they know why they are getting their allowance. And give them some guidance on how the allowance is to be used. Really, they have four choices when it comes to money: they can either save it, spend it, donate it, or invest it for the long term.
Learn more about Mydoh and how it can help your kids build good money habits early in life. You can use Mydoh as a chore and allowance app to make it easy to assign tasks for your children. When your kids know exactly what they’re supposed to do, they’ll be more likely to complete them.
This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.
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