3. Giving Back Is Just as Important as Saving for Yourself
If your kid has allowance jars, he’ll know that part of his money has to go toward charity. Now you just need to pick the charity–and make it a habit.
Best Approach: Giving back is an important part of life, but the concept may take some getting used for small kids. “The easiest way to help your kid understand why it’s so important is to first involve him in ways that he can see how he’s making a difference, like helping at the food bank or sorting through clothes for the homeless,” says Godfrey. As he gets older, search through Charity Navigator together to find an organization that interests him, and make donating to that organization a regular routine on allowance day or at the end of the month.