Smart Money Mamas Show

5 Mistakes to Avoid for a Successful Allowance System

May 11, 2020

#031: Allowance is one of the core ways parents can teach their kids about money. But it's also one of the places where we can make mistakes if we’re not intentional. We know it’s not as simple as handing our child money every week or every month and walking away. So how do we avoid allowance mistakes and set up a successful and empowering system instead? 

In today’s episode, Chelsea will cover 5 of the most common allowance mistakes parents make and how to turn each one into a positive action. By knowing what these mistakes are, you will be in a better position to help your child learn healthy money management that aligns with your family’s core money values. We’ll cover how to avoid making saving money feel like a punishment for your kids, how to let them make their own money mistakes, and how to decide whether or not they’ll receive an allowance as a result of completing chores. 

(05:46) Mistake #1: How not starting allowance early enough can cause your kids to miss out on vital money lessons 

(07:18) Mistake #2: Making the idea of saving money feel like a punishment & what to do instead 

(11:18) Mistake #3: Why being inconsistent teaches your kids the wrong lessons about money 

(14:10) Mistake #4: Not letting your kids make their own money mistakes & tips to help them when they do 

(17:20) Mistake #5: How to help your children handle outside money messages 

(20:29) How to flip the script & turn each of these mistakes into a positive action that builds a successful, empowering allowance practice 

Looking for more information, mama? Visit the show notes at https://www.smartmoneymamas.com/31 

Family Money Values Template:
https://smartmoneymamas.com/family-money-values-template/

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