• 4 Pocket Allowance

Failing to prepare is preparing to fail...

Updated: Aug 4, 2019

My experience as a parent has been full of good intentions. Before I had kids, I had a vision in my head that they would be kids that loved vegetables and never ate sugar. They'd read books and hate television. Well, in reality this hasn't necessarily come to fruition. What I have learned is that I need to focus on what is important, and have a plan. I can't just say we'll eat veggies every day - I need to meal plan ahead, make sure our house is well stocked, and find new recipes.

The same holds true for starting an allowance. I can't just say I'm going to do it. The reality is that a few weeks in, allowance day will roll around, I'll grab a quick $20 bill out of the bank machine, and won't be able to break it between the folders. I'll make a deal with the kids that it will go in to savings, and we'll figure out the other envelopes later. Then a few weeks pass, and I don't have time to get to the bank machine, so I promise I'll double up next week. And eventually the allowance just sits on the shelf.

What we do, is establish a reserve of $5 bills, loonies and toonies. I went to the bank before we started our allowance system, and stockpiled these small denominations. Then maintenance becomes easier. Every month or so, I take some $20 bills from the bank machine, and exchange them for the $5 bills in the kids' pockets. That, along with the occasional change I come across day by day, mean I'm always ready on allowance day, with the right change.

We all have busy lives. By taking a few steps at the beginning of setting up an allowance system, can set you up for success, and take away the stress!

Failing to Prepare is preparing to fail..., Ideas for parents about allowances and teaching kids about money and financial literacy, #4PocketAllowance

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