03/16/2016 12:38 EDT | Updated 02/22/2017 04:13 EST

Kids Allowance: How To Teach Kids Value Of Hard Work

Giving your kids an allowance is an important part of teaching them financial literacy skills. But how do you start? How do you determine how much money to give? And how can this teach your kids the value of hard work?

Parenting expert Alyson Schafer has the answers in the video above.

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