Guidelines for Allowances - TeachersAndFamilies

Guidelines for
Allowances

From the National Association
of School Psychologists
by Fred Provenzano, NCSP, University of Washington
Janet Bodnar, Senior Editor,
Kiplinger's Personal Finance Magazine

 

Resources

. Start with your local bank. Many banks have information on saving for kids, and officers who work specifically with children's finances. Some banks also offer mail-in savings and checking accounts for children and teenagers.

. Bodnar, Janet (1997). Dr. Tightwad's Money-Smart Kids. Washington, D.C.: Kiplinger/Times Business. Addresses a wide range of topics regarding children and money, including allowance, investing, collecting, jobs for teens and paying for college. Very interesting and fun to read, with loads of practical ideas and answers to parents' most commonly-asked questions. See also Mom, Can I Have That?: Dr Tightwad Answers Your Kids Questions About Money, available in audio cassette.

. McCurrach, D. (2000). Kids' Allowances - How Much, How Often & How Come, A Guide for Parents (includes Allowance Workbook). Kids Money Press. This practical two-book set is all parents need to come up with the best possible Allowance system for their children. It is both convenient and easy-to-follow. This system uses an Allowance to teach kids to manage their money responsibly

Zillions: Consumer Reports for Kids. Subscription Dept., P.O. Box 53029, Boulder, CO 80322; 800-234-1645. This magazine is the flashy and lively children's version of the popular Consumer Reports magazine. It provides information about products for children as well as articles on financial topics.

 

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Fred Provenzano, Ph.D., NCSP, is a school psychologist in private practice in Seattle and on the faculty of the University of Washington; Janet Bodnar is Senior Editor, Kiplinger's Personal Finance Magazine, in Washington, D.C. This article first appeared in Helping Children at Home and School: Handouts from Your School Psychologist (National Association of School Psychologists, 1998).
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