Teaching Your Children to be Money Smart

I feel like we’ve done something right in the parenting department when it comes to money matters. I feel like our boys are frugal with their money and Blake is downright cheap. In fact, he’s so cheap, he won’t even buy himself food or water; he lives on Ramen noodles, not exactly the most nutritious dinners for a mid-twenties something man.

And Brandon is careful with his money, but is more willing to freely spend it on things he feels will benefit him. For example, he just bought a yearly subscription to some 3D software package/classes that he’s super interested in and hopes to make a career out of someday. He laid down quite the pretty penny but he’s excited about it and it warms my heart that he’s thinking about his future.

I do wish we had made the boys “work” more when they were in school, though. In essence, their “job” was to do well in school. I wish I had made them do more chores around the house and/or work for the things they wanted as opposed to just holding off until getting what they wanted for their birthdays and Christmas.

“Don’t give them an allowance for essentially breathing. ” I laughed out loud when she said that part in the video. I have ALWAYS thought giving an allowance was not a good idea and I ALWAYS told the boys that if they wanted something they would have to get jobs, earn the money and then buy it. (Hence the reason they waited around for their birthdays and holidays to get what they wanted).

Though I feel like we taught them about the importance of money, I feel like we could have done a better job at guiding them on HOW to make money and HOW to save it. Yes, the boys have money saved up, yes, they are careful on what they spend it on, but we still need to do a better job of guiding them on  investing it and/or putting their funds into something that will grow and benefit them when they get to be our age.

I hope this video gave you food for thought about the lessons you’re teaching your children about money. Being smart money stewards is another responsibility we have as parents to help our children succeed in life.