A perennial question for parents is, “Do you pay your kids to do chores?” But the real question for you to think about is, “How does paying (or not paying) your kids for chores fit into your overall plan for teaching your kids how to manage money?” In my opinion, I believe that each time [...]
Are you keeping track of your money? What about the invisible spending? What is invisible spending and how does it affect your money and marriage? Join Dr. Taffy as she interviews Lynne Finch, author of The No-Cash Allowance. Lynne will share what No-Cash allowance is and how it occurs. About the show: Money and Marriage [...]
Do you always spend money the same way? By this I mean do you always use the same form of money? Before you answer, think of all the forms of money available today for personal money management: cash, check, credit card, debit card, and electronic funds transfer. While spending, do you always use the same [...]
Recently I read an article that posed an intriguing question–what ever happened to our relationship with cash? The article, When using cash is better than credit, suggested that consumers should use cash instead of credit cards for day-to-day expenses. Why? Because psychologically money is more real when it is in the form of cash. Really? [...]
Kids can teach us simple truths about money–if we pay attention.
As we were unpacking from a recent vacation, I asked my husband, “How much cash do you have left?” Guess what? Between the two of us, we had almost as much cash as when we pulled out of the driveway two-weeks earlier. Yes, we used credit cards, but because we keep good records we did not overspend our budget.
What would happen if you started a no-cash allowance system with your children? What is a no-cash allowance you ask? In simple terms, it starts as an at-home account where parents act as bankers and the child as account owner. This means that all funds you give your child are directly deposited (written in) your child’s home account. Your child can only receive cash by withdrawing it from the account.
No matter how you track it money is a number. The only way your child knows how much is in his piggy bank is to physically count it. Changes in the cash can only be determined by physically re-counting the money to get an updated number.