If you’re looking to make some extra room in your budget, then saving money is likely a priority that’s high on your list. However, if saving doesn’t come naturally to you, it may be difficult to cut your spending in certain areas.
The best tool parents have for teaching financial responsibility is an allowance. Even very young children should have discretionary funds to spend as they see fit. Saving, decision-making, planning, sharing, charity, and responsibility are just some of the lessons that can be taught through an allowance.