To learn about money children need to have some. Early on, parents often handed out money on an as-needed basis. But experts say paying certain amount of money each week is the best way to teach children the meaning of money, how to use it and how to plan.
Your child is ready for some money each week around age 5 or 6, when he gets to know the relationship between money and shopping and asks you to buy him things.
But how much should the parents give? Some experts suggest giving one dollar for each year of age, but Dr Olivia Mellan disagree: “I think
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