It's just one of those strange, inexplicable laws that govern our universe. Democrat Begin by setting up a savings account when your kids are young. Give them an allowance. And when they reach high school, consider having them establish a checking account. Or even purchasing a few stocks.
Some financial experts say that an allowance is a great way to introduce children to money.
And having an allowance also allows them to experience firsthand the magic of how quickly money can disappear. Raepple says he gives both his sons a weekly allowance, using the rate of 25 cents for each year of age. Their allowances, though, aren't tied to their chores. We don't want them to see their allowance as a reward for something they should be doing anyway. Edward Scott Jr. likewise says his three children each have household responsibilities they're expected to do, and he doesn't use an allowance as a reward for doing them either.