According to financial experts, an allowance is “a fixed amount of money children receive on a regular schedule, with the understanding that they will pay for certain agreed-upon expenses.” When best practices are followed, allowances can be one of the best ways to teach your children financial responsibility. Below are some hacks for turning an allowance into an educational tool.
GUEST BLOGGER: LIZ VANCE
Hey there! My name is Elizabeth but you can call me Liz! This is my first blog post for Utah Money Moms and I’m excited to be here! I have a background in Family Finance and have recently joined the Utah Money Moms team. I love ice cream, Harry Potter, and the time of day when the sun is low and everything is golden! Hopefully some of the stuff I share on Utah Money Moms is interesting and helpful to you!
My husband and I just moved to Holladay and are excited for all the things our new area has to offer! I started doing some research for free or inexpensive things to do around here, so I thought I’d share some of my findings! I’m always tempted to spend money on fun stuff all summer long, but there are lots of things that don’t require much or any money! I found most of these things after a few minutes on Google. So, if you don’t live near Salt Lake, jump on Google and find some fun things to do near you. Let me know what you find!
It’s amazing how many simple, day-to-day opportunities there are to discuss money management with kids. Below are examples of daily money lessons, concepts, and tools to teach kids of all ages.
Why is teaching children about managing money so important? There are all types of money messages we receive from society, “Money is the root of all evil”, “Money doesn’t grow on trees”, “That money is burning a hole in your pocket” etc. For me, teaching my child to be self-disciplined with money goes right in line with teaching him to be kind, polite, and aware of other’s needs. Below is a series of questions, a checkup, to see how you’re doing teaching your kids about managing money.
Teaching Children Money Habits Checkup.
Answer the following “Yes” or “No” questions. “Yes” answers indicate ways you are helping your child learn money management skills. “No” answers could mean you may need to help them more.
IT’S JUNE! Kids are out of school for the summer and NOW is a perfect opportunity to take time in every day moments to teach them about money! To make it even easier, we’ll be sharing tips for teaching children money management, Monday-Friday, ALL MONTH LONG over on the Utah Money Moms Facebook page (@utahmoneymoms). Ideas from experts as well as tips submitted by Utah Money Moms followers will be sure to get you thinking of how best to teach your own kiddos. Be sure to follow our Facebook page so you don’t miss any!
On Thursday's in June, we'll post on the blog an in-depth kids and money topic. Watch for the first one coming up on June 6th!
ALSO...stay tuned for a SUPER great kids and money give-a-way opportunity during the last week of June!
For more Teaching Kids Money Management tips, download the full publication HERE.
Blog editor and Accredited Financial Counselor sharing real-life money smarts that can help you stay on track with financial goals while still enjoying life!
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