Personal Finance Buzz

It's allowance time! My oldest son is now 7 and I think it’s time to implement an allowance. Should you give your kids an allowance?

Every allowance program needs to include these five parts: Timing, Amount, Frequency, Conditions and Tracking. Check out the system I've implemented.

Capital Cost Allowance is a set of rates stating the amount you can claim each year on a depreciable property used for business activities. In the first year, you can only claim based on half the amount paid. This is in place since if you acquired the equipment during the year, there is not a full year of depreciation.

Deciding to offer your kids an allowance is only the beginning. You also have to figure out how much is appropriate for your children to receive. Your child’s allowance needs to provide him or her with enough to effectively manage finances.

One of the ways you can teach your children about money, and using it responsibly, is by providing an allowance. At some point, though, you stop paying allowance, and encourage your child to earn more money on his or her own.

Being a frugal student or living a frugal student lifestyle does not mean you have to give up all material things and stop going to the movies or enjoying dinners at restaurants. Instead, being frugal is really more about being smart with your money

Buying Christmas gifts for everyone on your list can add up. However, things don’t have to get out of hand. The amount you spend on a gift isn’t a true reflection of your love. You can have a frugal holiday season and still give thoughtful gifts.