2571: 5 Ways to Involve Kids in the Family Budget by Chelsea of Smart Money Mamas on Financial Literacy For Children

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4.5 • 1.3K Ratings

🗓️ 31 December 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2571: Chelsea from SmartMoneyMamas.com provides insightful strategies to involve children in family finances. The article emphasizes practical methods like using cash for certain expenses, understanding entertainment budgets, and maintaining a family savings chart. These approaches not only make money tangible for kids but also instill valuable financial habits early on. Read along with the original article(s) here: https://smartmoneymamas.com/5-ways-to-involve-kids-in-the-family-budget/ Quotes to ponder: "The best ways to involve your children in the family budget are going to be any methods that get them physically involved." "If we discuss money with our children inconsistently or make it clear that is an uncomfortable subject for us, the first financial lesson our kids will learn is money is mysterious and scary." "Fully understanding the idea of opportunity cost from a young age will help [children] make smarter financial decisions as an adult." Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode is brought to you by Oracle. AI may be important, but it needs a lot of processing speed, and that gets expensive fast.
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0:24.8	Brakes Mosaic. Take a free test drive at oracle.com
0:28.6	slash enhance.
0:30.5	This is optimal finance daily episode 2571.
0:34.0	Five ways to involve kids in the family budget by Chelsea of smart money mamas.com
0:41.0	and I'm your host and personal finance enthusiasts Diana Merriam.
0:45.0	Now let's get right to today's post and start optimizing your life.
0:50.0	Five ways to involve kids in the family budget by Chelsea of Smart Money Mamas.com.
1:00.0	Teaching our children solid financial values, especially when we don't feel like we always have them ourselves, is a major challenge for a lot of families.
1:10.0	It can be difficult to know what information is age appropriate, where to start,
1:14.5	and how to answer the tough questions kids are so good at asking.
1:18.7	So to make the process a little easier, here are five quick ways to involve your kids in the family
1:24.8	budget. Why involve kids in the family budget? Children have an incredibly
1:30.4	difficult time
1:35.0	of learning by lecture, especially when it comes to money. In a time of credit and debit cards,
1:37.0	money has become an even more abstract concept
1:40.0	than it was when we were kids.
1:42.0	That has made money confusing and mysterious to adults,
1:46.2	never mind young kids. The best way to involve your children in the family budget are going to be any
1:52.0	methods that get them physically
1:54.0	involved. For children if they feel like a valued member of the conversation and
	...

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