All posts by Lynne L. Finch

“It’s time to teach the kids how to manage money they can’t see or touch,” says the author of The No-Cash Allowance. Follow Lynne’s common sense approach for teaching children to manage money as a number starting with kids as young as pre-school and continuing through high school.

Approach kid’s allowance in a new way

New way to approach kid's allowance
A mom uses new approach to kid’s allowance with her daughter.

Ready to approach kid’s allowance from a different angle?

Lynne Finch, author of the award-winning book
The No-Cash Allowance will present two different workshops Saturday, November 5.

Fox Cities Money Conference
Fox Valley Technical College, Appleton, WI

How Much Allowance Should I Give My Child?

Finch says this is the most common question parents ask. To answer this, in the 10:45 a.m. workshop parents will look at the benefits of kids having an allowance. They will fill out a worksheet to help them calculate an allowance for their child.  In addition, parents will learn how to set up a system that will teach their kids good money management skills.

Finch suggests parents teach their kids to manage money as a number. Consequently, by giving kids control over their own written account they learn how each money decision affects their bottom line.

What’s in Your Wallet

The second workshop at 11:45 a.m. will focus on using cashless spending methods in helping consumers decide what cards are best for their needs. The differences in managing cash and cashless spending will also be discussed.  Especially relevant is a discussion about letting kids use plastic cards as part of their money management learn experience.

Can’t Attend?

Order Lynne’s book at the special conference price of $10, free shipping. PayPal and credit card orders. Offer expires November 30.

About the Fox Cities Money Conference

The 8:30 a.m. – 1:15 p.m. conference features classroom workshops for adults and students ages six and over, one-on-one credit report reviews, and door prizes, light breakfast, and luncheon.

Pre-registration is $5.00 for adults and $2.50 for youth under age 18. Day of event registration is $7.00 for adults and $3.00 for youth.  Free childcare for children under ages two through five is offered at no additional cost with advance registration .

For more information or to register visit http://www.assetbuilders.org.

Approach kid’s allowance in a new way

Lynne Finch helps parents teach their kids about money from piggy banks to online banking. “It’s time to teach the kids how to manage money they can’t see or touch,” says the author of The No-Cash Allowance. Follow Lynne’s common sense approach for teaching children that money is a number with kids as young as pre-school and continuing through high school. 

 

A teaching moment: Grandma, where do you get money?


My seven-year-old grandson surprised me with this. “I was wondering about something. You don’t work, so where do you get money?”

His question came out of nowhere but made perfect sense. He knew that parents work to earn money, but he couldn’t figure out how his grandparents got money if they didn’t have jobs.

How could I make this a “teaching moment” for my grandson?

I decided to explain to him how while his grandfather and I worked we were not spending everything we earned. We were saving some money in a retirement account so we would spend it later.

That made sense to him because when he knew that when he didn’t spend his allowance one week he had more the following week. So he understood the concept that saving money is making a decision to not spend now.

This explanation shows kids that not spending money is, in fact, a way of saving money. By not spending money now one has money to spend in the future, be it in the short term or for a long-range goal like retirement.

 Then I added one more thought for him to consider, “When you start working you will want to not spend all your money, just like you do know when you wait to use your allowance later. If you let that money grow during the years you work you will have money to spend when you retire.”

Here’s where his mom and dad can then take the conversation further by showing him the power of compound interest and how much his money can grow over his working years. When he sees those numbers his eyes will light up. A big lesson for a little boy.

Lynne Finch helps parents teach their kids about money from piggy banks to online banking. “It’s time to teach the kids how to manage money they can’t see or touch,” says the author of The No-Cash Allowance. Follow Lynne’s common sense approach for teaching children that money is a number with kids as young as pre-school and continuing through high school.