The No-Cash Allowance: A Practical Guide for Teaching Your Children How to Manage Money

by Lynne L. Finch

Overview

The No-Cash Allowance by Lynne Finch has been named ‘Most Outstanding Parenting Book’ by Mom's Choice Awards®. The book explains how parents can provide a financial education at home. Children from pre-school through high school can practice concepts of debit card, ATMs, electronic transfers and credit transactions using their own money. A no-cash allowance places control of cash and non-cash money in the hands of the child to create a real-life money management and responsibility that is similar to that of an adult. Children learn to manage money day-to-day while and to make responsible spending choices.

Product Details

BN ID:	2940014597128
Publisher:	Walnut Row
Publication date:	07/14/2012
Sold by:	Barnes & Noble
Format:	eBook
Pages:	120
File size:	811 KB

About the Author

“We’re using less cash than ever so let’s teach our kids how to manage money they can’t see or touch,” says Lynne Finch, author of The No-Cash Allowance. Finch explains how her strategy helps kids grasp the concepts of managing money as a number. “If a seven-year-old started with a no-cash allowance today, by the time he graduates from high school he will have 10 years of money management experience.”

Finch explains that having kids keep track of their allowance with pencil and paper gives them a visual understanding that money exists as a number. Kids deposit money as a number, but have the ability to withdraw as cash with the parent acting as banker. Seeing the balance change with each money event is a learning experience in itself.

Giving the child responsibility for tracking their money relieves parents of trying to remember allowance payments and eliminates confusion about if or when allowances were paid. In her book she explains how to transition to a digital spreadsheet, savings and checking accounts, all part of the process in helping kids be prepared as adults to manage money in the digital world.

Editorial Reviews

The No-Cash Allowance is a practical resource guide written by a parent for parents to begin providing their children with the tools necessary to learn responsible money management that they can carry with them into their adulthood.

With The No-Cash Allowance as a guide, children can increase their understanding of responsibilities from pre-school through high school and continue making real-world connections until they reach adulthood and are already knowledgeable about things o threes

HomeschoolMagazine - Santiago Soto