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5 Ways to Mess Up Allowance So Your Kids Will Never Be Stacking Benjamins

Are you talking to your kids about money?

Joe Saul-Sehy hosts one of the most popular podcasts in the personal finance space. It’s called Stacking Benjamins, and it’s been at the top of my Stitcher favorites list for weeks now. Joe and his co-hosts magically transform normally bland finance and investing topics into chuckle-worthy entertainment. That’s no small feat. When was the last time you caught yourself guffawing over qualified retirement annuities? Yeah, never.

Needless to say, I’m a huge Stacking Benjamins fan. So, when Joe emailed me a couple weeks ago to be on the show, I was beyond thrilled.

As preparation for the show, Joe asked me to think about “horrible ways to deploy allowance.” I jotted down 5 favorites that sprung to mind. Here’s my list (accompanied by some handy justifications for parents who are determined to stay the course):

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Is Your 6 Year Old Saving for College Yet?

Your 6 Year Old Can Start Saving for College Now!

How in the world can a 6 year old making in the neighborhood of $6 a week contribute meaningfully to a college savings fund? Easy. A “micro-savings” card, a split, and a Gift Of College account will do the trick.

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10 Allowance Questions Parents Love to Debate. Join the Chat!

Why allowance is so hotly debated among parents.

Want to spark an animated debate? Just broach the topic of allowance in a room full of parents. Allowance is one of those hot button words that never fails to elicit passionate opinions. That’s because it stands at the volatile intersection of three things parents care deeply about: money, kids, and values.

So we’re bringing parents from across the twittersphere together into one big virtual room to really stir things up! FamZoo and The Centsables are hosting an #Allowance chat on Twitter to mark the final week of National Financial Literacy Month. Join us and a tweet-load of other passionate parents on Tuesday, April 28th at 9am Pacific / noon Eastern time.

We’ll be discussing the following 10 classic questions about allowance: