Giving an Allowance: 5 Tips for Parents
  Your 5-year-old son wants an allowance (because “all of his friends get one”). You wonder if he's old enough to handle the money and, if you give him one, how much should he get – and how often?     An allowance can be a great way to teach children money management skills and help them learn how to make decisions, deal with limited resources, and understand the benefits of saving and charitable giving. There's no single correct way to handle giving an allowance. Deciding when to start, how much to give, and whether you want to link the allowance to chores are choices that should fit your family.     Giving an Allowance: 5 Tips for Parents—     1. Should an allowance be tied to chores? This is a personal choice. Some experts think that it's important to make this connection so that children learn the relationship between work and pay. Others say that children should have a responsibility to help with housework, above and beyond any financial incentive. Ultimately, you must...