Teach kids that spending is not the only thing they should be doing with their money. Require them to put at least 10 percent of any money they get toward savings for long-term goals such as college. Another five to 10 percent should go toward charitable giving, such as tithing at church or buying clothing or food for donation to the less fortunate. That leaves up to 80 percent for them to spend, which is quite a lot given that you are already providing for their basic needs.
How To Have “The Talk” With Your Teen
They're back in school. But, when it comes to raising money-smart kids, it's up to us to initiate the conversation