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I am currently a stay at home mom. I teach financial literacy to my children on a very regular basis as it naturally applies to our everyday life. My oldest daughter is seven years old and my husband and I have been giving her an allowance for two years. We give her $3.00 each week. She uses this money to by something she wants (gum, toys, books, etc.) or she puts it in her savings account in the bank or she donates it to a cause she wants to support. Learning that once your basic needs are met, you have three ways to spend your money (buy something you want, save it or donate it) is a lesson in itself. Giving a child an allowance starting at a young age gives them practice making choices on how they want to spend their income. We have lots of discussions about how many weeks she will have to save in order to buy something she is wanting. She is learning delayed gratification and really takes care of things that she purchases that she really had to save for. She takes pride and ownership in the choices she makes no matter which category she spends her money.
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