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December 31, 2018

Why Parents Shouldn’t Tie Allowance to Chores – with John Lanza


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It's important to concentrate on our own financial situations, but as parents, we can't forget to teach our kids the principles of financial literacy as well. These lessons can be taught by instituting an allowance program or chore and reward system.

John Lanza, the author of The Art of Allowance, joins us on the show to talk about how we can develop a system like this. The earlier parents start, the better off their kids will be.

As we start to make progress here, John has a key piece of advice for the parents out there: Don't pair allowance with chores.

Young girl in blue jean jacket

What are we covering?

John and I chat about:

  • Why chores should not be coupled with allowance
  • How a “Breakthrough Allowance” can help your preteens and teens become more responsible
  • Where is the best place to start for parents who haven't introduced their kids to financial literacy

After this chat with John, our family completely changed some of our traditions with chores and rewards. It was an enlightening conversation. I really enjoyed his fresh perspective. I think you will too!



Marriage, Kids and Money, Andy Hill

About our Guest:  John Lanza

John Lanza is the Chief Mammal of The Money Mammals and author of the new book for parents, The Art of Allowance: A Short, Practical Guide to Raising Money-Smart, Money-Empowered Kids.

A pioneer in youth money-smarts, John created the original Money Mammals DVD and has written three children’s picture books to help kids learn to “Share & Save & Spend Smart.” He is recognized nationally as a youth financial literacy expert and the Money Mammals have been featured in The New York Times, The Wall Street Journal and The LA Times.

Website: The Art of Allowance

Recommended Charity: Donors Choose

Book: The Art of Allowance

Money Masters of the Week

Melody from Michigan shared the results of her annual goals! And, oh yeah … she crushed it!

Just to name a few …

  • Paid off $72,000 of debt
  • Started graduate school
  • Began an adoption process in the Philippines

It was an incredible year for Melody and her husband! And she's from the great state of Michigan so she's got winner written all over her. 🙂

If you want to learn more about Melody, check her out at Her Designed Life.

The blogger behind Grokking Money had an incredible 2018 as well!

Here's his list of accomplishments:

  • Developed first written budget
  • Paid down $15,000 on a car loan
  • Maxed out 401k and Roth IRA contributions

Now that is how it's done! Way to go!

Melody and Grokking Money are our Money Masters of the Week!

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If you have a financial victory you want to share on this show, please leave me a voicemail (or an email) and include the following:

  • First name
  • Location
  • Your recent big win
  • How you did it
  • If/How you celebrated
  • Your financial plans for the future

Your story will inspire others to save more, make more and plan for their family’s future.

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Carpe Diem Quote

“Every new beginning comes from some other beginnings end.”

What do you think about giving your kids an allowance?

Please let us know in the comments below!


Marriage, Kids and Money, Andy Hill

Andy Hill

Andy Hill is the award-winning writer, speaker and podcaster behind Marriage, Kids and Money - a platform dedicated to helping young families build wealth and thrive. Andy's advice and personal finance experience has been featured in major media outlets like Business Insider, MarketWatch, Kiplinger’s Personal Finance and NBC News. Trusted as a personal finance influencer and corporate financial wellness speaker by global brands like JLL, Andy’s message of family financial empowerment has resonated with listeners, readers and viewers across the world. When he's not "talking money", Andy enjoys wrestling with his two kids, singing karaoke with his wife and watching Marvel movies.

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Marriage Kids and Money Podcast

About Marriage Kids & Money

Every Monday, The Marriage Kids and Money Podcast provides you with actionable advice to help you win with money.

We’ve interviewed over 300 millionaire entrepreneurs, award-winning authors and personal finance experts all with the goal of saving you money, making you money and protecting your family’s future.

Fridays, you'll hear me and my wife Nicole discuss life, money and relationships on our show "Bread & Wine".

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