Putting money in its right place

Is money the purpose behind the choices you make and the values you live by? If so, beware! Money is a good servant but a poor master. Money should be the consequence of how you live your life and not the cause of it.

When Jesus Christ was within a hair's breadth of enlightenment, Satan led him to a mountaintop and offered him dominion over the glittering cities spread below. On the night of the Buddha's enlightenment, Mara offered him the same temptations. Both refused and were enlightened.

Allowances for Children

Allowances can help children understand the concept of budgeting and saving, but we have to teach them. A regular allowance helps kids take responsibility for spending decisions and encourages independence. Instead of getting money 'on demand' whenever they need it, children with regular allowances can learn to plan ahead--to anticipate spending needs and make choices about what's most important.

What Experts Say About Allowances for Children

What age?
If you decide to give an allowance, start one as soon as your children start recognizing money's worth--kids do this fairly early.

Don't give an allowance until children are old enough to manage it. You don't have to give one until your children are at least six years old. There's no need to rush things and preschoolers generally don't understand the abstract idea of money anyway. Once children start first grade they begin learning about money in school.

Keep the system simple so you can manage it. Denying kids an allowance doesn't make it easier to limit the amount of money they get their hands on. Because most children will get the money out of parents anyway, it's better to teach them how to manage it themselves than allow them to nickel and dime you to death. Plus, using an allowance gives parents and children more control over the children's finances.