“Back in my day, I got an allowance of (insert pitiful amount here), and then it increased to (slightly less pitiful amount here) and I felt rich.”
Ahh, the memories we parents share with our kids. (Remember: We’re the same folks who walked uphill to school both ways when we were young.)
Financial allowances are an important family topic because of the importance of money in our society. You know, the money that buys food, shelter, clothing and PlayStation 4 games.
The website MarketWatch references a study by the American Institute of Certified Public Accountants that says approximately 70 percent of parents give their kids an allowance, and the average amount is $67.80 a month.
But whatever amount parents dole out, they should be aware of these common mistakes, according to MarketWatch:
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