Allowances are a great way to teach your child to be financially literate, but it’s hard to know how to make it work for you, and then there’s the most common questions, how much should I pay and when should I start? Here are some tips to turn an allowance into a powerful training tool but remember, there is no “right” system for everyone, so feel free to experiment with your own approach but stick to your guns once you and your child have agreed upon a plan.

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