Give your children money with responsibility and the control to manage it all by themselves.
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. Give your kids debit card experience
- 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
Allowance experts told parents that paying with physical cash created a sense of loss. Today there are 4 types of cash for kids to manage, but only coin and currency can be seen and touched.
Buying school supplies is a problem for most parents of school-age kids. The majority (70%) of parents say back-to-school shopping is stressful.
Financial literacy classes won’t help your kids pay their bills. Most kids use money for discretionary spending, simply because they can. Kids don’t have expenses, but they should.
Kids need to develop financial competency which includes knowledge from financial literacy classes; and skills and behavior developed in home starting in preschool.
Financial literacy classes won’t help your kids develop money skills, because classes only provide knowledge.
Financial literacy classes are not going to prepare your teens to manage money as adults because they don’t include these important elements.