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Elementary School-Aged Kids
Reply to "Breakout for allowance- 30% college, 40% spend, 20% charity, 10% future.. ?"
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[quote=Anonymous]Can they do the math on that and keep track of it? (My kid is not yet 6 and can't do that kind of proportional calculation, but maybe yours can.) Anyway, I would keep your goals within their cognitive ability to track what's going on. I think at this age, teaching the idea of spend vs save is important. Do they go for instance gratification, or do they delay the gratification for several weeks and save up for a desired item? Once they have that concept, then maybe the notion of nominating a small amount for giving is appropriate. I would not have my kid save 30 cents a week (or some other nominal amount) for college. That's not a realistic assessment of what college costs, for starters. Maybe once they are teens and have jobs, they can start to contribute to a college fund?[/quote]
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