Allowances. Are you paying your kids a weekly allowance to get things done around the house? Or are you using allowances as a tool to teach kids financial responsibility? Or both? Today's Yay or Nay episode is all about our current views and takes on paying our kids an allowance.

Key takeaways:

• Defining paid vs unpaid tasks: Ensure your child understands the conditions associated with their allowance. Clearly distinguish between tasks they are paid for and responsibilities they have as part of the family.
• Teaching responsibility first: Laying the foundations of responsibility first helps kids understand what is expected of them before they start doing things for payment. This instils a sense of duty and accountability as part of the family unit.
• Preparing them for the real world: Having kids contribute financially in some form helps prepare them for adulthood, making the transition to financial independence less jarring and more manageable.
• Educate about money: Talk openly about money and provide kids with the tools they need for the future. Teaching them about saving, spending, and financial planning sets them up for success.

What we discussed:
00:16 Intro
00:42 Are we a yay or nay?
01:01 What conversations we're having to teach our kids about money
08:22 Understanding flow-on effects of not completing their 'chores'
09:11 Teaching responsibility
10:54 Preparing them for adulthood
12:56 Having open conversations about money
16:50 Pitfalls of credit, afterpay and other money that's not ours
19:07 Outro

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Remember, you’re doing a great job!

With love,

Nhi & Dee

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