The Secret To The Perfect Allowance!
July 21, 2020
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Are you giving your kids an allowance? If yes, when did you start? How much are you giving them? When do you give it to them? What do they have to pay for with that allowance money and what do you still pay for?
For several years I kept asking these questions to my friends and relatives. And no one managed to give me any satisfactory answers. Many of my friends were wondering the same. Some people gave their kids tiny amounts of money and had no idea what their kids were supposed to do with it. Some of my friends gave huge amounts of money, … and again had no rules on what the kids had to or could use it for.
Many people said they were not giving an allowance because they were paying for everything their kids needed anyway so what was the point?
My point was: But what happens afterwards?
Going back to my email about teaching our kids the necessary life skills to cope on their own when they move out (April 19, 2020) :
How will they learn any kind of money management if we don’t give them money to manage?
I got no answer to that either.
We live in a society where we feel like a good parent if we “take care” of our kids. Taking care in the country I live in means “mothering” our children until they get married (or maybe even longer than that?). But, surely, we are not doing them a favor if we do that, are we? If we pay for their every expense, buy them everything they need, give them a car as soon as they get their license (this often happens with the mumbled excuse “it was my old car, it’s not worth anything anymore, anyway”), keep a self-service full fridge, pay for every vacation and every activity, the list goes on and on. How will they learn to manage money? How will they cope when they live by themselves? How will they know how to budget, where to shop, what to buy, the value of things and activities?
So, three years into my quest and many frustrating conversations later, I finally met my amazing friend and current business partner Amy, who told me what she did with her girls and some of their friends. She had an answer to every single one of my questions. And they were simple but brilliant answers, every one of them!
I have been following her advice on allowance and many other strategies for more than a year now and our son has already learned such a mind-blowing amount about money, budgeting, managing money, saving money etc. that I convinced Amy to create Raising Money Savvy Kids in order to make these incredible tools and strategies available to many more parents like me.
Are you one of those parents?
Are you wanting to teach your kids money management so that they can become money savvy? If your answer is yes, come and register for our FREE Masterclass here where we will tell you the secret to teaching your kids money management and give you the most essential tool.
Sending You Much Love & Laughter
Sittah & Amy
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