Liz Weston: The correct way to give your teen an allowance
Here’s an idea: Hand your teenagers hundreds of dollars in one lump sum and leave it up to them to manage the money for the next, say, six to 12 months.Anyone who’s ever had or been a teenager may quail at the thought, but experts say this approach actually can work much better than a weekly allowance in teaching older kids about personal finance.“It gives them that all-important experience of managing their money,” says Janet Bodnar, former editor […]
