As families continue to feel the financial squeeze by a seemingly relentless recession it’s neither uncommon nor unheard of for certain spending habits and splurges to be reevaluated. Many families have plenty to think about when it comes to prioritizing financial needs and wants, from children’s higher education to what to put on the dinner table tonight let alone next week.
It’s can be difficult prioritizing those needs and wants, especially when it means denying your child something you want to be able to provide – something you feel you’re obligated to provide as part of being a parent.
- Where do we set those priorities?
- How do we roll with the financial punches provided by a tumultuous economic state?
- Do we give kids alternative incentives besides a monetary allowance?
- When do you start or stop such a practice?
- What factors contribute to that allowance, i.e. grades, chores, etc.?
- What financial responsibilities do you set for children and at what age do they start learning these responsibilities?
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