06117     Reviewed-2008

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NOTE: This is a Web Sampler. Information about the complete publication and how to order it is available here.

The life-long benefits of teaching children good money habits make it well worth the effort. Children who are not taught these lessons pay the consequences for a lifetime. It provides an overview for the four main ways children receive money (cash gifts, earned money, dole, and allowances) and the advantages/disadvantages of each system. If an allowance system is deemed best for their family, the easy-to-follow guidelines and sample forms will help parents ensure that the allowance experience is successful. This resource would be an invaluable tool for parents and would make a great “give away^” for schools, parent educators, and other service providers.

Table of Contents

• Introduction
• Developing a Consistent Parental Approach
• Money Children Receive
  • Cash Gifts
  • Earnings
  • Doles
    • The Dole System or the Allowance System?
• Allowances
  • Earned Income Allowance
  • Entitled Income Allowance
  • Choosing an Allowance System
  • Allowance Procedures
  • When Do You Begin Giving Allowances?
  • How Much Should the Allowance Be?
  • How Often Should an Allowance Be Given?
  • When Should an Allowance Be Increased?
  • Allowance Contract
  • Developing a Spending Plan
  • Guidelines for an Allowance
• References

In accordance with the Americans with Disabilities Act, this material is available in alternative formats upon request. Please contact your University of Minnesota Extension office or the Extension Store at (800) 876-8636.