#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/
How to Own Your Fear & Do It Scared with Ruth Soukup
How to Know When to Invest in Your Business
How to Align Motherhood and Your Big Ambitions with Rebecca Olson
How to Take Small Steps to Reach Your Big Goals
How to Get Unstuck and Why You’re Not Really Lost with Maxie McCoy
How to Know When You Need a Passion Project
How to Refuse to Accept Limitations and Thrive with Tasha Cochran
4 Things You Need to Know About Passion & Purpose-Driven Work
How to Make Power Moves to Find Your Successful Career with Lauren McGoodwin
July Mailbag: Retirement Accounts, Investing for Kids, & Side Hustle Management
How to Own Your Success As a Breadwinning Mom with Sarah Li-Cain
5 Simple Ways to Crush Emotional Spending for Good
How to Be a Hero in Your Finances so You Can Build Wealth with Candice Latham
Teaching Your Kids to Be Independent in the Kitchen with Erin Chase
How to Decide What Financial Independence Looks Like for You with Elizabeth Thames
Why Is Self-Care So Hard for Moms?
How to Build a Passion Business That Works with Your Life with Jennifer Allen
June Mailbag: Finding Your Path, Unemployment, 529 College Plans & Accountability
How to Make Money Writing & Selling EBooks with Michelle Jackson
How to Effectively Work From Home with Kids with Mary Beth Ferrante
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
U.S Property Podcast
Aligned Money Show
Dubai Property Podcast
The Ramsey Show
The Clark Howard Podcast