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Relationships & Money

Money-Smart Kids: The Top Tips Every Parent Should Know

4 Minute Read

Would all the parents reading this please stand up?

If you could look through the walls we know what you’d see: moms and dads, grandmas and grandpas, all across the country up on their feet. Those folks are proof that you’re not alone. We’re all doing our best to raise good kids who become great adults. But it’s not an easy job.

That’s why many of us phone our moms for advice and sit around chatting with friends about our latest parenting woes and wins. It takes a village, they say. And they’re right!

And this village is what Dave and Rachel’s new class, Smart Money Smart Kids, is all about—building community around the toughest parenting topics.

Community Matters

As parents, we long for understanding. We get together for book club or meet up for coffee or dinner. No matter where the conversation starts, it somehow winds its way back around to one thing: our kids. We’re proud of them, we’re worried about them and we’re desperate for them to do what’s right and avoid the mistakes we’ve made.

So we talk. Those conversations with our friends are all the clichés at once: life giving, a breath of fresh air, the very best medicine. We talk, we laugh, we cry. And we learn.

In fact, one of the best parts of parental community comes from what we learn. Talking with other moms and dads allows us to gain perspective and pick up a few tricks.

Today, we’d like to share a couple of money tips and tricks from our new class, Smart Money Smart Kids.

Tip for Kids Age 3 to 5

Commissions: It’s okay to have your little one do a few chores around the house. Maybe they clean up their room, collect the trash cans from the bathrooms, or put dirty clothes in the laundry basket—all with your help, of course. The trick with 3- to 5-year-olds is that you pay up fast and that you make it look like lots of money.

Crumple up dollar bills and place them in a clear container as soon as the chore is complete. This little trick will help your kids see that money comes from work.

Tip for Kids Age 6 to 13

Giving: At this age, your kids need three envelopes for sorting earned cash. One for spending, one for saving and one for giving. Teach your 6- to 13-year-olds to place money in the give envelope as soon as they are paid.

Tip for Kids Age 14 to College

Saving: Assign your teen a big savings goal—maybe buying a first car, paying for freshmen year of college, or taking a trip with friends. You can agree to match what they save to a point or encourage your teen to go it on their own.

Talk about how much money they’ll need and when. Then divide the goal by the months remaining. Have your teen set aside the appropriate amount of money each month. This trick teaches kids the wonder of delayed gratification.

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The Perfect Combination

What could be better than a community of friends and the above tips and tricks about money? Well . . . a class that combines the two of course!

Dave and Rachel’s new Smart Money Smart Kids class encourages parents to continue getting together in small groups as couples or for that oh-so-important girl time or guy time. The class is adaptable to your schedule and the perfect starting point for conversation.

In just six weeks’ time, you’ll learn how to teach your kids the value of working, spending, saving, giving, avoiding debt and being content. As your kids practice handling money, they’ll unknowingly begin to master character traits like patience, wisdom and gratitude.

You and your parenting pals can take what you’re learning and build upon each other’s experiences. It takes a village, remember? Having a community of parenting friends who understand what you’re going through and engaging in class material from money experts really is a winning combination.

Learn more about the new Smart Money Smart Kids class today!