It’s refreshing to start a new year with a renewed sense of goals. Did you know that the top New Year Resolutions for most Americans include: lose weight, find a better job, quit smoking, spend more time with family and friends, give back, get fit, be more spiritual, return to school and get out of debt.
Resolutions are personal and reflect what is important to you. This got me to thinking about one of the most important steps when designing an allowance program: Your Family Money Values.
Think about who you want to teach your kids and teens about money.
- Do you want the media to teach them? They will learn to be the ultimate consumer.
- Do you want them to learn about money from their friends? Peer pressure can be harmful to your wallet.
So before you begin your allowance program it is important for all family members to compare their values on the different aspects of money: earning, spending, saving, investing and giving. Each family member who will be involved in your kids and teens financial education should compare their feelings on money so you can show a united front. This means parents, grandparents, uncles, aunts and babysitters.
For example: If you feel strongly about having your child save up their allowance and birthday money to buy a big ticket item, all family members need to be on board with the decision. Otherwise, a well meaning grandparent may unknowingly buy the item and cancel out your lesson!
If one of your New Year Resolutions is to start an allowance program, then begin with your family money values. It’s the best way to insure success.
As for my New Year Resolutions, I have the standard get more exercise and spend more time having fun with my family and friends but my big one for the year is completing my eBook on what makes a successful allowance program – I’ll keep you posted on my progress!
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