Give Kids a Structured Allowance to save Money

Giving kids an allowance is a time-honored tradition, but you can help your kids learn valuable money saving skills by insisting that a certain portion of their allowance be saved, while the rest is available for spending. When the habit of automatically setting some money aside is established early, the concept of saving as an adult isn’t so difficult to wrestle with. This also simulates the experience of paying bills and managing expenses, making that experience a less traumatic one than it would be if those lessons were learned in young adulthood.