Many of the bloggers in the blogging community will agree that an allowance is a great way to begin teaching children about money management. But how do you take it a step further in order to help them make the decision to stay out of debt?
The potential to create a “toy loan” type system could have the potential to further the understanding of why it is so important to stay out of debt. That being said i am not a parent, so i would not be willing to give advice to other parents on how to best explain finances to children. So, i pose the question to all my readers:
What is the best way to teach children to make wise financial decisions and stay out of debt?
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