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 …

Introduce Your Kids to a Vacation Budget

I remember when I was senior in high school, my parents took me and my two sisters on a vacation to Marco Island. It was the perfect vacation for three teenage girls. Not only was there ample sun (I don’t think we wore anything besides swimsuits before 4pm once during the week) but there were also a lot of water activities. The activities were not included in the hotel stay, so my dad told us we …

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 …

Shopping – Teens and Debit Cards – Good Idea?

As you’re out shopping for Christmas gifts with your kids this year, you may be letting them have a bit of responsibility in choosing (and paying for) their own gifts to others – are teens and debit cards a good combo? This brings up a great question – and a great opportunity to discuss – whether a debit card, credit card, or prepaid spending card is the best choice for teens. Do you know the …

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Consistency: The Power of the Allowance Meeting

I have a few themes that come back to over and over – the allowance meeting, communication, budgeting, planning, and communication. Today I’m going to pour all of these together and mix them up well, to highlight the importance of consistency, particularly with the allowance meeting. No Allowance Meeting For You! This month, I paid allowance to just one of my three kids. Tatiana and I met last week to go over her budget (I …

Give Your Kids a Christmas Budget This Year

This year, don’t simply buy gifts for everyone on your kids’ Christmas gift lists. Instead, give them a Christmas budget where they get to make the buying decisions. Gift giving is much more meaningful when they get to make these choices, and see that there are limits on the gift-giving budget. In this video, we’ll talk about how that works, and why it’s such a great idea for you and your kids this Christmas. Even …

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 …