Now may be the perfect time to teach your children about financial independence. There are plenty of real-life examples in the media of how not to manage your finances. To really teach children money management skills, they must learn to handle money personally and to make consequential decisions on how to manage it.

An allowance is an ideal way to set a solid financial belief system for your children that will have a lasting effect well into adulthood. Money management requires discipline obtained through practice, trial-and-error and observation. It’s also learning to balance desire and practicality when it comes to financial issues.