71 sats \ 2 replies \ @hodlpleb OP 22 Feb \ parent \ on: Kids Allowance: Cash v Debit Cards Personal_Finance
I agree that allowance should not be tied to chores l, but without allowance are you teaching any financial literacy? If you’re relying on them to earn money on their own, their financial education depends on them being driven to earn money.
I wouldn't throw my advice around on much, but this has been such a big success in our family that I'm putting it out there. Let's just say, as an analogy, that the first year of homeschooling isn't quite the dreamy big win you want it to be either. Shaping expectations and motivations take time
reply
I think I get the homeschooling analogy, but not sure.
I never got allowance (and my parents were terrible with money). Eventually I got a job because I needed some spending money - but didn't develop any good money habits until I was ... in my 30s? I had nobody guiding me and every dollar I made burned a hole in my pocket. I actually racked up a lot of credit card debt when I was 18, because I did not understand anything about savings or the implications of debt.
I look at allowance as a tool for learning about money and to develop a healthy relationship to money.
reply