As a parent, you may be very confused about how to dole out this thing called an allowance. But before you ever dole it out, you have to know WHY you’re doling it out. Here’s some questions to ponder before you put an allowance system, any system (The Ultimate Allowance or any other system) into place:
1) What is your intended outcome? In other words…what do you want your children to learn from the experience of receiving an allowance?
2) How committed are you to maintaining the system you put into place? Are you aware that once you put a system into place you have to be consistent in your implementation of it; your ability to help teach, lead, inspire, set an example.
3) Do you have other family members that will help support and teach (spouse, partner, aunt, uncle, grandma, etc.)?
4) Do you have family members who are against it for whatever reason? If yes, how will you deal with this?
5) Do you have a plan and a system to begin giving your child(ren) an allowance? This is critical because regardless of what you decide to implement, it helps if you have a plan. I always say, Prior Proper Planning leads to Future Financial Freedom! Wouldn’t you agree?
6) Where else can you go for support, additional information (here?) and to get your questions and concerns answered? Again, prior…
7) Are you willing to do whatever it takes to make sure your kids learn the money lessons they need to move out and stay out? To make sure your kids are financially intelligent before they leave home without you?
These questions give you some points to ponder. The Ultimate Allowance system is a step-by-step system that shows you how to take the money you already spend ON your child and run it THROUGH them instead.
Think of it this way…it’s rare that we get good at anything without practice. Money is no different. Develop a system, stick to it and your kids will get better and better with it in time
After all, your number one job as a parent is to make sure your kids are self-reliant. With the money piece in their pocket, they are well on their way to a happy, fulfilled life.