Top 12 Money Mistakes Parents Make: The Word “Allowance”

We’ve been getting a lot of interesting comments and questions lately from parents, and we were feeling a bit snarky, so we decided to do something a bit different: for the next couple of weeks, we’re going to be posting a brief video every day where we talk about one of the Top 12 Mistakes Parents Make Teaching Kids About Money. The Word “Allowance” Really, we have no idea why parents (and certain authors) get …

Do You Pay Your Dog an Allowance?

A dog allowance?  Seriously?  Yes seriously – and the answer is, maybe you should consider a dog allowance.  Bear with me here, because I’m not going nuts. What’s the purpose of an allowance?  It’s an educational tool, right?  And what’s the number one rule for figuring out how much an allowance should be? An allowance should cost you (the parent) zero dollars.  It’s money you would have spent anyways. By this logic, the dog is a …

The Perfect Last-Minute Christmas Gift?

I’m going to share with you an idea for the perfect last-minute Christmas gift for your teen.  It’s a little bit… unusual, but I guarantee, everyone will love this one. Give your teen an allowance, starting January 1 2015.  Not just small change, spending money, no.  A real allowance. Tell your teen that 2015 is the year that they’re going to start taking care of their own finances, and that you’ll be setting them up …

Teaching Teens About Money – The Easy Way

What’s the number one tool for teaching teens about money? We say it’s the allowance. But an allowance isn’t just handing kids a pile of money with no strings attached. It’s the portion or our family budget that we ALLOW our kids to spend. It’s money that we would have spent anyways, so it’s not costing us a dime. The way we use allowance, it becomes a delegation of responsibility from us to them – and …

Just Start: Teaching Teens About Money

We’re in the middle of a webinar-based program for parents right now, and had a Q&A session last week. One of the parents had some great questions: How do I get started teaching my kids about money? If I’m going to an allowance, which categories should I start with? How much should the allowance be? These are great questions, all centered around the question of “How do I start teaching teens about money?” The simple …

Teens Behaving Badly: Allowance Disasters

If your teen is on an allowance, you need to be prepared for impending disaster. They will make allowance mistakes. It’s coming, trust me. It’s just a matter of how big, and when. If your teen isn’t on an allowance yet, you’ll want to go a back a few weeks and start at the beginning of our teens and money series. The good news is, any mistakes your teen makes with an allowance should be …

What Happens After Share, Save, Spend?

So, you thought the hard work you did to teach your kids about money was working perfectly, until suddenly it wasn’t any more. The piggy bank was great.  Share, Save, Spend jars worked just fine… for a while. But now you have a teenager. And everything is falling apart. We know how you feel.  In one 24-hour period this past week one of our kids ran out of gas in the pouring rain, left his lights …

Keeping Tabs on Your Teen’s Allowance

Once you’ve started handing over cash every month, your next goal should be working out how to keep track of your teen’s allowance.  Don’t worry, we’re here to help with some pretty simple ideas. (Don’t worry, this will be fun!) If your teen receives an allowance, you need to have frequent accountability conversations to ensure everything is going according to plan.  These conversations will help you accomplish several important goals: You will know where your teen is …

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Your Kid’s Allowance: Five Secrets for Success

Starting your teen on an allowance Would you like to start your teen on an allowance, but don’t know where to start? Or is your teen already on an allowance that’s not working, and you want to get it back on track? I’ve got some good news here that should get you on the right path. Here are the five things you need to know to find success with your kid’s allowance: 1. An allowance …

I See an Allowance in Your Teen’s Future

Teens are fascinating animals.  For their parents, they are a constant source of frustration and joy, shame and pride.  Sometimes it feels like you just can’t teach your teen anything.  Simply because you’re their parent, it feels like they will resist anything you telling them.  I think it’s a pride thing.  They don’t want to admit that your might actually know something, after all. Have you ever tried to teach a kid about money?  For little kids, …