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Did youlearn about personal financein the classroom,from your parents, or through trial and error?
An allowance also teaches children to make choices that reward them when they take responsibility for completing chores.
Kids are often more invested in making decisions about their own money rather than a parents.
Open a savings account for them where they can deposit their money once a week.
Explain how the bank rewards people for saving their money.
CDs pay higher rates than standard savings accounts.
Show them how their money grows for three months compared to three years.
Show them the deductions on the receipt.
One example is to go through your childs closet together and collect unused items for a garage sale.
it’s possible for you to sell your childs old toys,clothing and board games.
Teach your child to price items and negotiate prices with customers that offer too little.
This is a great opportunity for your kids to watch as their money appreciates over time.
They can manage the account and parents receive alerts about their transactions and activity.
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