As the author of The No-Cash Allowance and blogger-in-chief on this website, I’m excited to announce that my educational YouTube channel is live at TheNoCashAllowance. The focus is helping parents teach their kids how to manage money with responsibility. The channel expands on guidance in my book about hands-on money management for your kids in your home or homeschool.
Money is changing with each generation. Compare your childhood experience with that of your parents to where we are today. Parents can help their kids adapt to the different ways we make and keep track of money, especially cashless spending.
One thing is clear–all money can be tracked as a number in an account somewhere. Managing money with responsibility is a necessary skill to become financially competent as an adult. The No-Cash Allowance explains how to give your kids an experiential learning that they won’t get anywhere else starting as young as preschool.
Most parents already know how important it is to teach their kids about money and how to manage it properly. Sometime parents wait until their kids are in their teens before they start talking about managing money–when they could be starting when their kids are in preschool. ~ Warren Buffet
Parents, including financial professionals, tell me they are amazed at how capable their kids can be when they put them in charge of their own money..
Kids learn about money with responsibility at home
The No-Cash Allowance videos will present core ideas about kids, money and responsibility. Each video is accompanied by a blog (like this one) that offers information, anecdotes, and statistics about teaching kids to manage money using cashless spending. The anecdotes are about real kids who are using the no-cash allowance.
- Why money is changing your kids’ allowance experience
- Why many allowance systems for kids don’t succeed
- The big differences between kid and adult money
- Don’t start kids’ allowances before doing this
- What is a no-cash allowance for kids?
- Setting up a no-cash allowance in your home or homeschool
- Introducing family values in the allowance system
- Using cash to teach math using an allowance
- Starting an allowance with preschoolers
- How 6-12 year-old kids grow their money management ability
- Preparing teens for adult money management at age 18
- What parents and kids say about their no-cash allowance experience
Parents! If you don’t teach personal finance lessons to your kids, they likely will never receive any financial education. It’s your responsibility to ensure they are ready to leave your home with the skills, behaviors and system that will help them be self-sufficient members of society and avoid the pain associated with money struggles.
~ Vince Shorb, CEO, National Financial Education Council
If you’ve read the book you’ll find that these videos will expand your thinking about the importance of teaching your kids essential money management skills. If you don’t have a copy of the book, the videos will be an informative look at kids and money in general.
My money: A father told me shopping with his 6-year-old son. The boy added his allowance to his account and asked to go with his dad to the mall. After looking around he realized there wasn’t anything he could afford. He told his dad, “Let’s go home. I don’t have enough money today.” He didn’t ask his dad to buy him anything. He knew what his money resources were. Now would you be surprised to know my grandson was only 6 years old. He’d been managing his own money for less than two years. After telling me this the father said he didn’t learn that lesson until he was an adult.
Money ownership: After using the no-cash allowance for a few years, a mother told me that her kids don’t ask for money. She said they got their allowance regularly and know they have to manage it by themselves. “Makes my life easier,” she said.
When your kids track all their money as a number, they become better money managers. The No-Cash Allowance shows you how your kids can learn about money with responsibility. Check out these blogs for more.
- Effective allowance strategy creates good money habits early
- Allowances make the perfect homeschool subject
- Be amazed when you give your kids money power
Buy Now to get your copy available from this website, Amazon and Kindle.
Next week: Allowance need to evolve because of changes in our money practices