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

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“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, AFC® is the award-winning family finance coach behind Marriage Kids and Money - a platform dedicated to helping families build wealth and happiness. With millions of podcast downloads and video views, 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 being a Soccer Dad, singing karaoke with his wife and relaxing on his hammock.

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About Marriage Kids & Money

The Marriage Kids and Money Podcast is dedicated to helping young families build wealth and happiness.

With over 400 episodes and counting, we share interviews with wealthy families, award-winning authors, and personal finance experts to help you find your version of family financial independence.

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