The Allowance Rules: Teaching Money Skills to Kids with ADHD

An allowance is a great teaching tool for a child with ADHD – if parents don't make the common mistake of using it as a reward for completing everyday chores.

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Smart Consumers are Made, Not Born

Money savvy involves more than knowing how to open a savings account and how to make deposits and withdrawals. It involves being able to recognize and resist marketing hype and misleading advertisements. It means resisting impulse buying and taking the time to do the research required to comparison-shop.

As a parent, you can help by walking your ADHD child through basic banking procedures, as well as by pointing out misleading ads and discussing the "buy" messages to which we are all subjected on a daily, if not an hourly, basis. Show your child how comparison-shopping can help him avoid paying too much. And explain the fine points of discount coupons and rebates.

Generally speaking, children should be allowed to decide how to spend their allowance money (and how much to save). That's the fastest way to teach them the consequences of spending decisions, good and bad. Still, young kids need guidance in deciding what to buy and how much to spend. Pre-adolescents can handle more freedom, as they're old enough to understand that reaching long-term financial goals requires an organized approach to saving money.

Next: Should Teens Have Credit Cards?

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TAGS: ADHD and Money, Organization Tips for ADHD Kids, Teens and Tweens with ADHD

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