Talking to Kids About Money: An Interview With Ron Lieber
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For parents who are tired of being nagged all the time for stuff, the quickest way to nip that in the bud is to actually double your child’s allowance if you can afford it, which may seem like a counterintuitive approach. But once it’s clear to them that they have this sum of money—but that until further notice, every single thing that they want as opposed to things that they need is going to have to come out of the allowance—then there’s no reason to bug you anymore because they know that the answer is going to be, “No, that’s what the allowance money is for.” Whatever that allowance is, they have to make that last and parcel it out and make tradeoffs around the things that they want the most.
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