Money can quickly become confusing to a child when we use unfamiliar words such as income and expenses. Still, if your child receives an allowance, he or she is already intimately aware of income, though it might not be known by that name. Help your child understand the concept of income through this activity.
Talk with your child about your own income and how you earn it. Let your child know that an allowance is a form of income. Just as different factors affect your income, they also affect your child's income. These factors include:
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