An allowance gives you the opportunity to give your child some experience with money. It allows him or her to see how choices have consequences and plan for the future. And perhaps most importantly, it gives kids a chance to make mistakes while the stakes are relatively low.
When you want to pay off debt fast, that impulse often means depleting your savings. So how do you pay off debt AND save money? Paying Debt vs. Increasing Savings Mathematically, based on the interest rates of your loans versus your savings account (or other savings products), your debt is likely costing you more money […]