Allowance For Kids: Setting Up Mom’s Bank

BratBusters Parenting Podcast

In this episode of the BratBuster's Parenting Podcast, host Lisa Bunnage and her daughter Amy discuss techniques for teaching children financial responsibility. Key methods include using a homemade banking system called 'Mom's Bank,' introducing allowances with interest, and integrating chore charts to encourage earning. Personal anecdotes highlight the importance of starting financial education early, the impact of part-time jobs in teenage years, and the significance of open communication about money. Lisa also addresses common challenges like resistance to chores and fairness in allowances, providing practical advice on nurturing independence and self-discipline in kids.

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Disclaimer:

The information provided in this podcast is for general informational purposes only and is not intended as a substitute for professional advice. Lisa Bunnage is a Parenting Coach, mom and grandmother. Lisa is not a licensed psychologist or counsellor. Her services do not replace the care of psychologists or other healthcare professionals. For a full disclaimer, please visit bratbusters.com/disclaimer

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1. Introduction to Allowance (00:00:00)

2. Setting Up Mom’s Bank (00:01:24)

3. Story: Lisa Sewing Kids Clothes (00:08:29)

4. Listener Question 1: Starting Only One Kid With Allowance if Older Siblings Didn’t Get It? (00:10:17)

5. Listener Question 2: What Age to Start Allowance? (00:13:34)

6. Can You Use a Phone App For Allowance? (00:18:24)

7. Thoughts on a Part-Time Job For Teenagers? (00:19:05)

8. Withholding Allowance as Discipline? (00:20:01)