Toronto mom Blake Eligh was determined to teach her kids key financial lessons before they had to go out into the world on their own. She did this, in part, by giving her two daughters decision-making power over their own money from a young age. She and her husband set the girls up with both an allowance and a savings plan when they were eight and 11 years old. Now her kids are 12 and 15 and Eligh only wishes she?d started earlier. ?Giving them a chance to learn about spending money at this point allows them to make financial mistakes when it doesn?t really count.?
But what do the experts say" If Grampa hands your kid some cash or they?ve saved up a bunch from weekly allowance, should they get to spend it all however they want" Learning financial literacy the hard way
When it comes to teaching your kids about money, there?s a simple rule to remember: Kids learn best from their own actions. That?s why Nancy Bisogno, a district leader at TD Bank who?s worked with elementary schools on programs that teach kids about money, encourages parents to give their kids as much financial freedom as they can. ?There are two big lessons that can come out of letting a kid spend money how they like,? says Bisogno, who is based in Stratford, Ont. ?One, which we can all relate to, is buyer?s remorse?when we purchase something before realizing that it?s not worth it. The second is realizing, I can?t afford this. This puts the cost of things in perspective, which kids don?t always und...