I remember the first time I got an allowance from my parents. It was Rs. 5 for a week, and I was 15! I have to admit that I was a real saver. No unnecessary ice-creams for me. I'm not sure what the going rate is in India these days, but I suspect it's pretty much the same as here in NYC...a LOT more than Rs. 5/ week!
Two articles (click on the links to see the whole articles from the wall street journal) that moms may want to take a look at as they help their children understand that value and issues associated with money.
With kids spending billions online -- and charging it to mom and dad -- families are ditching the traditional weekly cash handout. Teaching the value of a buck in a cashless economy.
Making kids money savvy
Try These Four Financial Tricks
Give them a few dollars -- and some financial common sense.
Want to make sure your children grow up to be money-smart adults? Check out the four experiments below.