Allowances aren’t about money. Allowances are about parenting.
Provide the Financial Education Your Kids Need
Help them develop the essential life-skill of money management
- Create a plan for your kids and works with your family values
- Use allowances in a homeschooling setting to complement financial literacy classes
- Provide continuing hands-on experience from pre-school through high school
- Power to control their own money.
- Ability to manage age-appropriate expenses
- Independence in making decision and accepting the results
- Transferring money control to your kids so they assume responsibility for managing their money
- Requiring young kids to track every transaction in the no-cash allowance account, creating a money trail
- Initiating money conversations because money is now a neutral topic
- Helping them establish accounts in financial institutions as they get older
LATEST BLOG POSTS FROM THE NO-CASH ALLOWANCE
In a recent Money Memories interview I was asked about my childhood. Being an early Baby Boomer, my childhood is almost comprehensible to today’s teens. Imagine my surprise when the Teen and Young Adult Financial Panel gave their take-aways from my interview. Their...
What kid doesn’t want money? Kids see parents spending money with no one telling them what to do. Looks like power to them and they want it. What happens if you give your kids money AND power. You’ll be amazed! Parents, with all good intentions, don’t want their kids...
https://youtu.be/k5GGzG1MO7Y Teaching your children to be financially successful is a challenging and rewarding experience. What are the keys to teaching kids about money? Connecting with others who share the same passion strengthens our shared effort. Recently I was...
For the first time, we have seven living generations on our planet. The oldest are nearing their 100th birthday. For them, writing a check was high-tech. Today's youngest generation may never write a paper check. Consequently, generational attitudes about money and...
When our family entered the teenage arena we navigated the typical ups and downs of life with teens. As for their financial skills I had no idea what to expect. It turns out they amazed me with their money management skills. In today’s numbers, teens spend about $2600...
Parents expect to give their kids money to spend, but they don’t want them to make spending mistakes. While this is understandable, kids' money mistakes are key to helping them learn successfully manage their money. Why are parents so protective when it comes to money...