Raising Financially Fit Kids

5
2051
martinis and your money

Raising Financially Fit Kids

February is an important month for me because 10 years ago, my son was born on February 12th and my world was forever changed. As I have shared in the past, I never felt as though I had much of an education in personal finance; and as a result, I made a lot of mistakes along the way. As a financial planner and parent, it’s important for me to make sure that my son doesn’t follow in my footsteps and that I do everything I can to help him live a financially fit lifestyle.

In honor of my son’s birthday, I wanted to talk about raising financially fit kids, so I recruited my blog friend, Lauren Greutman, from I Am That Lady. She is a kindred spirit of mine in that we are both reformed spenders who have changed our ways and now we help others. More importantly, we are both helping our children, and she has some great suggestions.

WHAT ARE WE DRINKING?

LAUREN — Coffee to help manage her 4 kids!

SHANNON — Coffee also

PODCAST NOTES:

  • Lauren is a recovering spendaholic.
  • She got her family into $45,000 in debt and didn’t tell her husband.
  • Lauren’s story is a prime example of last week’s episode with Paul Golden, Financial Infidelity.
  • Starting in 2006, Lauren’s family went through the journey of paying off her debt.
  • Lauren is now raising her 4 children to be financially fit by:
    • Making them think about the decisions they are making with their money
    • Helping them to not be impulsive
    • Helping them to give
    • Helping them to save
    • Helping them to see that money isn’t just money, it’s a vehicle for so many different things
    • Not lending her children money by telling them she is not their credit cards
  • Shannon says she thinks mindfulness is the number one challenge when it comes to money.
  • Shannon believes it is very important as parents to talk about money and its challenges with your children.
  • Lauren shares a book about money and classes.

RANDOM 3 QUESTIONS

  1. What is your favorite money saving tip?
  2. What is a movie that you could watch over and over again?
  3. What do you do to relax?

CONNECT WITH LAUREN

WEBSITE:  http://iamthatlady.com

TWITTER: @iamthatlady

FACEBOOK: https://www.facebook.com/iamthatlady

RESOURCES

Insufficient Funds: One Woman’s Journey Out of Debt and Into Financial Freedom

How to Coupon Effectively: Save $5,200 per year in just two hours per week

What are great money tips your parents taught you or that you wish your parents taught you?

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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.

5 COMMENTS

  1. I love the idea of a “I’m not your credit card” retort! That’ll put the kids in a good mindset, I think.

    If we have a kid, the hardest thing for me will be imparting that money isn’t just for money’s sake. I act that way a lot, even though the real issue is what we’re saving for. I tend to just look at it as “Gottasavegottasavegottasave!” rather than “By saving, we’ll be able to…”

  2. Right now, I am teaching my two kids to be financially responsible, one is 5 years old and the other one is 7 years old. I make them apply some financial practices like having a simple budget and savings before they buy they want. Aside from that, I assure that I show to them that I am a good role model.

  3. Aaaah, teaching kids about being responsible with money is pretty tricky. You don’t want kids to think you’re ‘poor’ (which is what a frugal friend’s kid asked his mum one day) and you don’t want them to ‘not value’ money. You actually want them to know they are very privileged for having so much, and that they are very responsible for rethinking every purchase decision. It’s tricky, tricky, tricky.

    “I’m not your credit card” is a pretty witty comment BTW. Will save for use!

  4. What is your favorite money saving tip? “For heaven’s sake, quit smoking” is one and another tip is “stick to reliable, fuel-efficient cars.”

    What is a movie that you could watch over and over again? I am really a fan of “We’re the Millers.”

    What do you do to relax? Reading books and playing badminton.

  5. Doing chores at the place today, so I decided to re-listen to some Martini and Your Money p-casts. Raising Financially Fit Kids is not only stuffed full of life great info, but also full of fun entertainment. The “Hell” of Disney World is something that had me laughing out loud. Of course, that catches my wife’s attention and she just rolls her eyes and shakes her head.

    Lauren’s story about the “Hotel Vacations” is awesome!! A different bed, complete with eating under the covers, as well as room service, and the pool just crack me up. As a former teacher, I learned a long time ago that learning is more likely to happen when laughter is involved.

    I hadn’t checked out Lauren’s site before, but I have now.

    Keep up the great work!

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