Live On Purpose TV / Parenting techniques

Allowance as Practice Money: Teaching Financial Responsibility

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Learn the importance of teaching financial responsibility to children and the different approaches to giving allowance. Explore the entitlement-based, wages-based, and practice money approaches and how they can shape children’s financial habits. Discover how parents can combine approaches and tailor them to suit their family’s needs and values. Understand the long-term effects of allowance on children’s financial mindset and learn about the role of open communication and financial education in teaching financial responsibility. Watch the video to gain valuable insights and empower your children to make informed financial decisions.