These tips on how to teach kids smart money habits and giveaway of Dave Ramsey and Rachel Cruze’s new book, Smart Money Smart Kids is sponsored but all thoughts and opinions are my own. Please scroll to the bottom of this post if you’re here for the giveaway!
Preparing and teaching – have I done enough?
In a few weeks, my oldest daughter will graduate from high school. In a few months, I’ll be driving her across the country and dropping her off at college. I fear that if there’s something I’ve neglected to teach her while she was a kid, it’s too late. Yes, I’m sure that she will pick up the phone every once in a while to ask me a question or text me for some quick advice. I’m sure she’ll even email asking for a few of my recipes that she hasn’t already written down. I know that my job as a parent is far from over just because she’s moving out of the house and moving on to college.
Luckily, she seems to be heading down a path that should lead her to success and happiness – that’s what we all want for our kids, right? She has successfully managed her own checking account and debit card for over a year. She has been working (a star employee!) and saving her hard-earned money for a year. She has diligently applied to colleges and scholarship programs and has even secured a job working at school already.
She is on her way.
I can’t take all the credit. A large portion of her success goes to the example of my hard-working husband and much of it can be attributed to her self-motivated, driven personality. But still…I can take some of the credit, can’t I?
I have thoroughly enjoyed reading the new book, Smart Money Smart Kids by Dave Ramsey and his daughter, Rachel Cruze this past month. It officially released for sale today, and I thought it was the perfect time to talk about some of the tips that the Ramseys and I have in common where kids and money are concerned.
3 Tips to Teach Kids Smart Money Habits
Teach your kids to work – This is not only about going out and getting an after-school job (though that is certainly a worthy goal when the time is right). Teach your kids from a young age that running a house and family takes work and as members of the family, they have the responsibility to pitch in. Teach them to clean, to take care of pets, to work in the garden, and to plan and cook meals for the family. Not only does teaching kids how to handle jobs around the house help alleviate the pressure of one person having to do it all, but it helps give kids a sense of responsibility towards what happens in the home.
Be an example of wise spending – Let your kids see you save and budget and shop frugally. Also, let them make small mistakes with their money. If they beg to spend their last pennies on a popsicle from the ice cream truck, let them do it and “feel” the consequences. The lessons they learn with smaller dollar amounts will help them when they are older and dealing with bigger numbers.
Teach your kids to save – Saving teaches patience and goal-setting. I love what Dave and Rachel had to say about this topic:
“We’re living in a culture of instant gratification. We don’t want to wait for anything anymore, and technology keeps feeding our “get it now” attitudes…..you are a lot more cautious when it comes to a purchase if you take the time to actually save up and pay cash for something. When that happens, you’re learning delayed gratification…This is a great lesson to learn early in life.”
I could go on and on with tips and tricks that resonated with me from Smart Money Smart Kids but I’ll stop there and let you discover it for yourself!
Win a copy of Smart Money Smart Kids by Dave Ramsey and Rachel Cruze
Enter to win a copy of Smart Money Smart Kids in the Rafflecopter form below. This giveaway will run through May 6 and a winner will be chosen at random and notified via email. Good luck!
Note: Amazon affiliate links are included for the book.
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