Having Fun Together Can Teach Financial Savvy!

When you complete this course you will have:

1. Spent more time together and had fun together as a family by working together and celebrating at least 3 times.
2. Experienced these outcomes:
   • Created a list of how you have fun together as a family
   • Created a list of household jobs that need to be done
   • Defined the job criteria you will use in your family
   • As a family, completed a household job together and had fun / celebrated together (without cost)
   • As a family, completed a household job together and had fun / celebrated together (with cost)

From a Centsable Allowance Kid…

Age 24 – Started at Age 4

“I would say allowance teaches you to not be scared of money and that it’s actually easily manageable if you start early… and that the only way to truly appreciate saving money is to start from the very beginning… just like contributing to your 401k from day one!”

From a Recent Class Participant

Nelson (a parent) Said

“We have kept with the allowance plan all summer and have been reaping the benefits.

All-around better cooperation, team mindset, increased job competencies, and improved understanding of money.

Plenty of bumps along the way, but we are so grateful to have taken the plunge.”

Video Summary

• Core Message – Teaching kids to be resourceful and independent is the key to creating a connected, happy family!
• Centsable Allowance is divided into 4 classes.
  • We have broken it down into bite sized pieces.
  • You can go as slowly or as quickly as you like.
• The 5 Common Mistakes:
  1. Allowance is given just for spending money.
  2. Allowance amount is given based on age.
  3. The belief that there are only 2 ways to pay our kids:
     • Just give them money for allowance
     • Pay them for doing family jobs
  4. It takes extra money to do allowance.
  5. Starting with individual allowance.
• The best way to teach kids financial savvy is to have them spend money all the time and as often as it possible!
• Kids have to be responsible for buying the things they need, not just the things they want.
• Kids earn $$ by getting paid for how work is done, not if work is done.
  • Job Criteria – attitude, timing, standard/quality.
• Allowance amounts are based on financial responsibility – the things you currently spend money on for your kids.
  • Gifts, Activities, School Lunches, Lessons, Memberships, Clothing
• Turning over financial responsibility to our kids is 2 fold:
  • What are you willing to turn over
  • What are they capable of
• Start small, start simple and slowly turn expenses over.
• We actually start with Family Allowance.
• As a family, we all work together, in service to the family – doing household jobs.
• Thus we earn $$ by getting paid for how work is done, not if work is done.
• We spend the money by having fun together – we will teach financial savvy by having fun together!
• We start at the family level so that we can work together, side-by-side, and not “preach” to our kids.
• Family Allowance allows us to model a good work ethic and to pass on our family financial values.
• 2 big concepts:
  • 1 Pot of $$ we have as a resource for our family
  • 1 Set of Jobs that need to be done for our family to function
• We are not adding anything or taking anything away, we are looking at
  • How it is divided up
  • Who has responsibility for what
• The 4 Centsable Allowance Classes
  1. Getting Started with Family Allowance
  2. Expanding Family Allowance
  3. Getting Started with Individual Allowance
  4. Learning Advanced Financial Topics