Give Kids Credit (Not that kind of credit)

This morning, I was perusing an article about teaching kids about money and the author suggested that you should start giving an allowance when kids begin to understand the concepts of saving and spending. I agree. Then the author said this should happend around first grade. First grade? Hmmm...my kids certainly have learned about the concept of spending money much earlier than that and saving money is something they can understand by the time they reach kindergarten (if not before). We need to give kids more credit (not that kind of credit) for their ability to grasp concepts earlier and, therefore, I think you should start them on an allowance earlier than first grade. Earlier is better, because the forces teaching kids to be irreponsible with money are certainly not waiting and an allowance is one of the best tools to start teaching your kids about the value of money. Let them make mistakes with the money young, seek out the teachable moments when they make them, and hopefully they will learn and we can raise a generation of kids much smarter than us when it comes to money.