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You are here: Home / No, an allowance does not teach your children how to manage money

No, an allowance does not teach your children how to manage money

May 10, 2018 by washingtonpost Leave a Comment

Democracy Dies in Darkness Sections Home Try 1 month for $1 Username Sign In Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Subscribe Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Accessibility for screenreader Get There Perspective Perspective Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events by Michelle Singletary by Michelle Singletary Email the author May 10 at 1:04 PM Email the author (iStock) I went to live with my maternal grandmother, Big Mama, when I was 4. At 4, I stepped into her financial class. “Big Mama, can we go to McDonald’s?” This question and every other similar request to buy me anything that was not a necessity were met with a money lesson. Every. Single. Time. That is how I learned to be a good money manager. Big Mama talked incessantly about saving, spending wisely and staying out of debt. I watched her manage on so little and still pay all her bills on time. Big Mama was so tight with her money that if she held a penny, Lincoln would scream. Hands down, this woman taught me more about money management than any financial expert I have ever met or interviewed. She did this without ever giving my siblings or me an allowance. Big Mama could not afford to have us on her payroll. So, whenever parents ask me whether they should give their child an allowance, my answer… [Read full story]




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