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Since we looked at your money situation last week, this week we'll look at kids and money.
There's no consensus on when to start teaching children about money, but usually by age 4 or 5, kids are old enough to understand some of the basics.
How much do you want your children to know? It's important to think about your own relationship with money, and to decide what lessons you want to share. Some moms talk to their kids a lot about money and budgeting, particularly when the kids are in a store and making requests for various things to be bought. Other moms feel funny broaching this topic, especially if money is tight; they worry that saying "We can't afford ___" can make a child worry about money or feel guilty.
In either case, a great place to start can be with a small allowance. There are at least three considerations: how much to give, what the child is expected to do with the funds, and whether or not you want the money tied to specific chores.
The amount of an...
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