John Lanza, is on a mission to help families raise money-smart kids so that they can live happier, more fulfilled lives. To that end, he has written The Art of Allowance along with three other children’s picture books. John also is the creator and Chief Mammal of The Money Mammals. It is an award-winning DVD and youth savings account program for credit unions nationwide. The program was built around the core Money Mammals Mantra: “We’ll share and save and spend smart too!”
This week on The Saver and The Spender Podcast, Kelsa talks with John about allowance expectations and the right ways and times to talk to your child about money.
John’s mission began with a simple question “How can we raise our kids to be money smart?” He and his wife quickly realized that financial literacy was vital not only for their own six-month-old but for all families. And so, The Money Mammals was born – a pioneering program to get kids excited about becoming money smart.
In this episode Kelsa and John talk about:
- The best age to start doing an allowance?
- Allowance vs. chores as part of the family dynamic?
- What are the best ways to prepare kids for savings accounts, checking accounts and banking in general?
- How can families who have been “overly generous” or giving an allowance that isn’t associated with any responsibilities “right the ship”?