budgeting for kids

Welcome to a bonus "Ask Me 3" episode with Mari Collins Harris! 

Listen as I ask Mari the 3 questions:
1. How does Ketshop help teach kids personal responsibility? 
2. How can Ketshop help reduce clutter in the home?
3. How does buyer's remorse help children to learn budgeting?

Listen as Mari asks me the 3 questions:
1. Chores vs. Allowance: how do you give your kids money without spoiling them? 
2. How can you teach your kids to be generous? 
3. How can we encourage our kids to use technology responsibly?

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Ketshop app: https://ketshop.com/

Rachel's free coaching calls: https://rachel-bailey.com/coaching/

Rachel's Facebook group: https://www.facebook.com/groups/RachelBailey

Rachel's Raising Resilience Membership: https://rachel-bailey.com/raising-resilience-membership/

In today’s episode we discuss how kids can budget. It’s really simple and just takes a few minutes to do.

The kids talk about how they do it and why they believe it is important.

Help your kids learn the power of dividing their money. Buy Less for Your Children and Explain To Them They Need To Use Their Spending Money. This Helps Them To Understand Impulsive Desires & Disciplined Spending. If They Want it Bad Enough To Spend Their Own Money On it, Then It Truly is Important to Them.

Visit RaiseMillionaires.com and join our free "Fan Club" for printable resources related to each episode.

We also talked about GreenLight in this episode. If you want to check that out, here is a link to their website. We use it for their "Spending" money and we assign chores to them through the app. I ordered the debit cards with their picture on it so we could easily keep them seperate and the kids thought that was cool!

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We may forget we’re not born inherently knowing how to earn, spend, save, or give money. And may not even know how to even go about beginning to have these conversations with our kids.

Many parents expect their kids will learn how to properly manage their money at school. But the reality is most kids are not learning how to spend, save, invest, or donate their money at all let alone in a healthy way.

This is concerning given that a report by researchers at the University of Cambridge commissioned by the United Kingdom’s Money Advice Service revealed that kids’ money habits are formed by age 7. Age 7!

Additionally, a 2017 Parents, Kids, & Money Survey conducted by T. Rowe Price found that parents who discussed financial topics with their kids were more likely (61% vs 41%) to have kids who say they are smart about money.

Joining us on the show is Bill Dwight, CEO and founder of FamZoo, a private family banking system designed to help parents teach kids to earn, save, spend, and donate money wisely in a safe, friendly environment.

Bill joins us to share how parents can use a variety of tools to not only educate their children when it comes to money habits, he shares how parents can use technology to not only expose your children to real-life experience with money but to spark those crucial money conversations. 

About FamZoo
FamZoo isn’t just a convenient prepaid card for families. It’s a hands-on financial education for kids of all ages — preschool through college. Learn more here.

About The Show
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.

To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.