Defining the roles of parent and child in The No-Cash Allowance

Defining the roles of parent and child in The No-Cash Allowance

When using the no-cash allowance, the roles of parent and child create a consistent structure for success. Parents are bankers or facilitators, while the kids are the account owners. Income and expenses are tailored for each child by age and interests. The home account consolidates money in and out in and boils it all down to a single number.

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Be sure to have these money conversations before starting your kids’ allowance

Be sure to have these money conversations before starting your kids’ allowance

Before starting allowances in your home for your kids, take time for money conversations with your parenting partner. Knowing more about each other’s money history will help you agree on how you will facilitate your allowance system together. Your ultimate goal is to prepare your kids to grow up to be independent financially as adults so you won’t feel pressured to support them after they leave home. 

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