82. Teaching Kids to make Money Decisions

There are lots of ways to teach your kids about money; giving them an allowance, paying them for doing household chores, or encouraging them to get an after-school job or start their own small business can all be effective. But what about the money you’re already spending for your kid’s clothes, school supplies, and other items? What if you let them manage this money and budget for these expenses? Today on CFO at Home Vince has a conversation with Rachel Murphy of Raising Confident Teens and Rachel Murphy Coaching about using this method to teach kids about money, effective ways to communicate money messages to young people, and more.

Key Takeaways

• Letting kids gradually become responsible for manage a budget for things that you would ordinarily give them money for can be one effective way to teach them about money  
• • Concessions, school lunches 
  • Clothes, restaurant meals 
  • Birthday gifts
  • School supplies
  • Gasoline
  • This method can give kids a certain amount of power and control over their spending

• When trying to communicate with young people about money don’t lecture, inform. 
• Kids and young people need to find their money “Why” 
• Get comfortable with sharing some of your money mistakes with your kids
• When your kids share their money goals with you, don’t be dismissive (even if you think it’s silly!)

Resources

• RachelMurphyCoaching.com/CFO (free spending tracker, Rachel’s favorite book recommendations on money for teens, link to Rachel’s book, podcast) 
• Raising Confident Teens Podcast
• Brainstorm: The Power and Purpose of the Teenage Brain

Ways to contact/follow:

• Rachel Murphy Coaching - Instagram
• Rachel Murphy Coaching - Facebook

Contact the Host - vince@thecfoathome.com