The No-Cash Allowance by Lynne Finch is a Gold Award Recipient of Mom's Choice Awards.® It is an inventive, original system that is thoroughly explained and easy to understand. Children from pre-school through high school can practice concepts of debit card, ATMs, electronic transfers and credit transactions using their own funds. Examples of dialogue between parent and child create a picture of real life situations. A no-cash allowance places continuing control of cash and non-cash money in the hands of the child to create a child-size version of real-life money management and responsibility that is similar to that of an adult.
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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.
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