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Q: What best describe allowance for dobtful account?
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Allowance Tips For Parents?

If you are a parent, one of the biggest responsibilities you have is teaching your kids about money. For many kids, their first exposure to money is their allowance. This has always been a tricky topic. There is no universal amount for an allowance. Every parent does something different. Regardless of how much money you give your kids for an allowance, you want to make sure you teach them about money. This means you can't just blindly give them money. Here are a few tips for starting an allowance program with your kids. The first thing you should do before giving your kids an allowance is discuss it with them. Like any other serious life talk, sit your child down and explain to them how an allowance works. You should state what you expect out of them, including any rules that may lead to a revocation of an allowance. You should also tell them how much of a responsibility it is. Most kids will appreciate your respectful approach. This discussion is an important part of teaching your kids about money. Another thing you should do is separate allowances from chores. Chores should be approached as something kids do as part of the family. Allowance shouldn't be pay for a job children should do. That's not say you shouldn't reward kids for major chores. However, an allowance should be more of an instructional tool than a reward for doing work. An important part of giving your child an allowance is teaching them how to save money. Before you give them their first allowance, open a savings account with them. Teach them how important it is save money and keep track of what you spend. If there is a toy your child wants, tell them that the best way to get it is to save their allowances. As a last tip, don't be afraid to let your child fail. You shouldn't jump in and make them save their money or deposit it for them. On the same token, don't give them any extra allowance. If your child blows their allowance quickly, that is good opportunity for a lesson. Hopefully, they will be more responsible when they get their next allowance.