How to Raise Money-Smart Kids

Teaching kids about money doesn't have to be boring! Discover how to make learning about finances fun and engaging for your children!

Teaching Kids Smart Money Habits

As parents we want to prepare out kids so when they decide to go off on their own, they’re equipped with not just the essential life skills, but also have wisdom on knowing when and how to use those skills.

Believe it or not, part of showing them the ropes is teaching them about money.

Because if we don’t, they’ll have a much harder time pursuing their goals because they’ll be weighed down by the consequences of bad money habits such as carrying a massive amount of debt.

Sadly carrying debts seems to the case for many Americans as I was reviewing some numbers from The Motley Fool about average debts.

• Average credit card debt $5,733
• Average personal loan debt $11,281
• Average monthly new car payment $736
• Average monthly used car payment $523
• That’s a lot of baggage to carry

Here’s the thing, though – how do you start those lessons?

It really is a family project. We have a big role as parents, but others in our circle can also be a wonderful help with getting our kids smarter with their money.

Paul Vasey is on the show to talk about how. He’s financial educator and the creator of Cash Crunch Games which is all about helping families have a fun time learning about finances through games. He also recently published a book – Raising Money-Smart Grandkids.

As you can guess from the title is focused on the grandparents, but most of those topics apply to parents as well.

In this episode we get into:

• the power of conversations and games in shaping your child's financial mindset
• how to navigate discussions about budgeting, saving, and making choices within a limited budget
• creative ways to engage your kids in hands-on experiences that make learning about money fun and relevant to their lives

We have a lot to cover, so let’s get started!

Resources to Build Better Family Budgets

If you’re looking to start or revamp your budget so you can reach your family and financial goals faster, check out some of these resources below!

• Best Budget and Money Apps: Empower, Tiller, Mint
• Grab Your Copy of My Book: Jumpstart Your Marriage and Your Money
• Cash Crunch Games
• Raising Money-Smart Grandkids
• Nuts and Bolts of Creating a Budget That Works
• Cashing Out: Creating a Flexible Financial Plan That Fits Your Family
• How to (Actually) Make Managing Your Money Fun
• FamZoo
• Kids and Money: How to Teach Them About Bank and Investing Accounts
• Financial Wellnes