The MoneySmart Family System, by Steve and Annette Economides
The MoneySmart Family System will show you how to teach your children to manage money and have a good attitude while they’re learning to earn, budget, and spend wisely.
Learn how to:
*Get the kids out the door for school with less stress. *End the battle over clothing—forever *Teach your children to be grateful and generous. *Inspire your kids to help with chores as a member of a winning team. *Prepare your kids for their first paying job….(read complete description here)
When I first received this book, I wasn’t sure if I would like it or not. Finances are different for every family, and so are opinions on how to manage them. I’m glad I got this book though!
I like how each section of the book is divided into practical and realistic tips for kids of different ages, from toddler to adult. Reading each section gave me an idea as to how to increase responsibility over the years, but if one was looking for quick tips on dealing with a situation they are facing now, they could find what they need easily within the age categories.
I think the most useful part of the book to me right now (as my kids are still very young, with my eldest turning 5 in December) is the basis of the system; how to introduce your kids to finances, ideas of when and how much to pay them for doing their “work” well and with good attitudes, how to reward the “extra” good behavior, and ideas for how much to pay children of different ages.
Instead of giving children an allowance just for being a part of the family, or for paying certain amounts for certain jobs, kids are taught that attitude is a large part of system. The system uses points that the children can earn, and they are paid a certain amount for each point. For example, a child might get themselves dressed and eat breakfast every day. But they only get a point if they do these things with a good attitude and without procrastinating. A child might earn extra points by doing a job that isn’t asked of them, simply because they noticed it needs to be done. This mimics the “real world” in how an employee might be rewarded by taking initiative and going the extra mile in the workplace.
The book also discusses family-related topics such as how to manage the television time in the family, what a parent should pay for and what a child should pay for at different ages, when to give your child a financial “boost”, or bonus, and when to give them tough love. It talks about the difference on how to manage adult children living at home while they are at school or working and how to manage adult children living at home when they should be on their own. It even touches on supporting adult children who are facing difficult times, such as addiction recovery.
Because of the way The MoneySmart Family System is geared towards families of all sizes, with children of all ages, I think there is something in this book for everyone.
Disclosure of Material Connection: I received this book free from the publisher through the BookSneeze®.com