👋 Asher here, starting to think about whether and when to set up an allowance for my oldest child.
She's 8 years old and frankly I don't think she'd know what to do with the cash.
Right now she and her middle brother (5), stuff whatever change they find into a wooden whale-shaped piggy bank and — what with my being a kind and generous parent — they really have no need to spend it.
What they're saying: An allowance is "about teaching value and responsibility and empowerment, where money is coming from and how it's being spent," Carly Spraberry, a Bank of America executive who lives in Dripping Springs and has two kids, tells Axios.
She recommended helping kids set up a savings account (like, natch, her firm's SafeBalance Family accounts), which allows them to track their savings and spending.
Such accounts allow parents to set spending limits, monitor usage and transfer money.
📬 Let us know: Did you get an allowance when you were a kid? And how do you handle it with your own children? Reply to this email.
