When one kid is a saver and one kid couldn't care less

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When one kid is a saver and one kid couldn't care less

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Every family has children with different money styles and the book I think I outline 7 different money styles and what that means is, more work for parents, because each child needs their own customized allowance plan, so, for example, if you have a spendthrift child, you will be doing things with that allowance to really limit the amount of spending and really help them to focus on saving and giving. Hoarders, for example, are children who just hate to part with anything, they just keep putting away and saving it; those are the children that an allowance plan could focus a little bit more on generosity and philanthropy, for example. Again, if you remember that the allowance is about practice, then, the question is, what is you want your child practice? If they are, if they are overly generous, they give money away at every turn because they avoid conflict, then those are kids that you wanna focus on cash flow with; if they are children who are hoarding money and they never give a penny away, then you'll want to spend a little bit more time on generosity and philanthropy. So, it does mean that the parent has to match the child's style with the behaviors you want to practice in the allowance. An allowance, of course, is a tool for practicing financial skills, not a salary or an entitlement, so one of the reasons that you design an allowance with your particular child's financial style in mind is that you know and they know exactly what it is they're practicing.

Learn more about kid money relation. Watch our free video for expert advice.

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Expert Bio

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Joline Godfrey

CEO of Independent Means

Joline Godfrey is the CEO of Independent Means and the author of Raising Financially Fit Kids; Our Wildest Dreams: Women Making Money, Having Fun, Doing Good; No More Frogs To Kiss: 99 Ways to Give Economic Power to Girls; andTwenty $ecrets to Money and Independence: The DollarDiva’s Guide to Life.

A clinical social worker by training, at the beginning of her career, Godfrey was an executive of the Polaroid Corporation where she provided in-house family and therapeutic services to officers and employees. One of the first women in the nation to manage a spin-off from a Fortune 500 company, she launched Odysseum, a spin-off from Polaroid, and sold it in 1990. Odysseum was a creativity training company serving other Fortune 500 firms.

Godfrey is a graduate of the University of Maine and Boston University and was awarded an Honorary Degree in Business from Bentley College in 1995. She was a Kellogg Leadership Fellow and the recipient of the Leavey Award for Excellence, as well as the Beta Gamma Sigma Entrepreneurship Award.

Recognized in features for The Today Show, Oprah, Fortune, Business Week, The New York Times, and more, Ms. Godfrey is a frequent speaker and consultant worldwide. Godfrey grew up in a family business in Maine and lives in Ojai, CA.

More Parenting Videos from Joline Godfrey >
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