Learning about money and finance is different for every family, but ultimately future adults need to learn about where money comes from, how much living life costs, how to save and invest, and the value of every dollar. Sarah and Erin talk about their experiences of how much and how they talked with their parents about money growing up and invited Lynn (Sarah’s husband) to share his own, and different, the perspective of growing up. “I think it's on the parents to teach the habits, allowing them to have the experience. There lessons and discussions of those lessons and overall guidance when it comes to finances.” -Tracy
3:19
Start early, even as early as age 3. Finding everyday ways to talk about money in day-to-day purchases can help put money in a realistic perspective for kids. Kids ask parents tough questions and parents need to answer in terms kids understand at their level to foster a conversation of learning.
12:45
Families need to have strategies to help kids understand saving money to help them understand it beyond just what Mom and Dad say they should when they are older. Work experience and what kids pay for in their teen years is different for every family from working a fast-food job to focusing on grades and athletics.
22:55
Tips for younger kids include the basic understanding of money as a tool and the emotional vs. functional purpose and use of money. Helping kids understand how much money they’ve spent on their favorite toys, or things they didn’t care about soon after spending the money helps put the perspective of where the money goes and the value.
Resources shared in the show:
How to Talk to Kids About Money Without Creating entitlement or Fear: https://selfsufficientkids.com/talk-to-kids-about-money-parents/
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Who we are:
Erin and Sarah are moms who enjoy each other’s unique cul-de-sac “mom perspectives” so much they want to share their thoughtful and sassy ponderings with other moms around the world. Collectively they are moms to 4 school-aged kids, and world travelers in their journeys as United States Marine Corps spouses. Erin is a homeschooling mama of three munchkins that loves running (slower than most people walk), traveling, and can recite the alphabet backwards while opening a bottle of wine. Sarah is a curious minded mama of one small human, enjoys writing, takes forever to read a book for leisure, and can order McDonald's at a Japanese and German drive through.
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