Allowance is NOT the Answer
When it comes to raising financially responsible kids, the number one question I get is: How do we do allowance? How much should we pay? How often should we pay it? Should it be connected to chores or shouldn’t they do those chores anyway because they’re a part of the family, right?
I understand why you’re asking that question, because you are a conscientious parent. You care about your kids and you want to raise financially responsible kids, which is awesome. But the truth is, allowance isn’t what determines whether or not they have a solid financial future. I mean Warren Buffet – I can’t say that Warren Buffet definitely got allowance because that’s not the determining factor. What I could guess is that Warren Buffet or Donald Trump’s parents had something to do with how they ended being successful around money. And you as a parent are influencing your kid every single day. It’s really your beliefs and behaviors which are shaping your kids’ financial future, and that’s what I talk about in the ABC’s of Money Parenting. You’ll get to learn how you can change your own patterns and also root out your money issues so you can pave the path for your kids, and they can have a solid financial future and it helps you as well, in the meantime.
Look, I remember a client telling me that their kid just kept saying over and over, “we’re on a budget, we’re on a budget, we’re on a budget.” They had heard that so many times that they began to say it over and over again. Well, those beliefs and behaviors are shaped really early. The beliefs start at age two or three years old, so it’s never too early to start teaching your kids about money, but you don’t teach them by telling them – you teach them by showing them.
I’m Robyn Crane, Money and Relationship coach and I look forward to seeing you at an upcoming money parenting talk so you can consciously raise financially responsible kids and root out your own money issues at the same time.