369: How to Teach Your Kids about Money // Abby Chipman

 

Are you struggling to know how to teach your kids about money?

Financial literacy for kids is so critical – I think we all know that. 

That’s why many parents (myself included!) have questions about (and maybe even some guilt over 🫣) how to teach their kids about money. How do we teach budgeting or implement a family money system? How do we teach kids the value of money? 

It’s overwhelming, to say the least! 

I have often felt like I’m not doing enough in this area, but I’ve also felt stuck and wondered where I can get started with it all. 

Can you relate? 🙇‍♀️

I’m very happy to introduce my financially-savvy guest to you to help us figure this out!  Abby Chipman is the finance director for 3 in 30, and she is a queen at managing finances as well as teaching budgeting skills to her family and those in her community. Abby joined my team last year, and I have been so inspired by her desire to make financial learning accessible for everyone. She recently taught a class about financial literacy for kids at a retreat I had for the Self-Assured Motherhood program alumni. The women at the retreat loved it so much that I asked her to bring her three takeaways here so we could all learn from her. 

 

So, with no further ado, here’s what I learned from Abby Chipman: 

 

3 Tips for How to Teach Your Kids about Money

 

1. Keep It Fun.

Combine money with play to build familiarity and give kids a positive association. Older kids can play board games like The Game of Life, Monopoly, and Cover Your Assets. While playing, you can weave in some money lessons and life lessons. Younger kids can play with toy cash registers, trace coins and color in the circles, or sort/stack coins and learn what each one is called. Keep things light and fun!

 

 

2.  Let them learn by doing. 

Kids need money to learn about money! Using your family values and working with your budget, create a system that allows your kids to have an allowance to learn about money. This will look different for everyone, depending on your situation, money knowledge, and personal/family values, but remember that money is the tool kids need to learn to use money. Pay them enough to force them to save for things they want, in a reasonable amount of time, and let your kids make mistakes with their money. Teach them how to budget and keep track of their finances. Don’t bail them out if they’ve spent all their money and now really want something. 

As an aside, our family has really loved the ease of the Greenlight app for our kids. It’s a family-friendly money management app that gives your kids debit cards. I think it’s perfect for ages 8 and up. 

 

3. Talk about money with your kids.  

Keep money talk comfortable! You want the topic to be shame-free. Narrate your money transactions as they happen when you’re buying things at the grocery store or paying bills online. Read books with them about money topics. And importantly, if they ask questions, don’t dodge them. Remember that helping them understand finances is essential. You are not teaching them to be greedy or money-obsessed – you are helping them to understand just how expensive life is in the adult world. You will be doing your children a tremendous service if you make sure that money is not an awkward topic in your home.

 

 

All in all, perhaps my favorite takeaway from Abby is to JUST START. Don’t overthink this. Come up with a simple system and get going—you can always tweak it later.

 

 

 

Save this summary to Pinterest so you can use it later! 👇

 

Financial Literacy for Kids: 3 Tips for How to Teach Your Kids About Money, 3 in 30 Podcast with Abby Chipman (Finance Director and Mom!).
Infographic depicting 3 tips for how to teach your kids about money

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

>>>What did you think of these takeaways from Abby on How to Teach Your Kids About Money? Do you have any tips to share? Comment below! 

 

 

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Related Episodes like this one on How to Teach Your Kids About Money:

 

Mentioned in the Episode:

 

Sponsors:

  • Mollys Suds: Pick up Molly’s Suds on your next Target run or order through my exclusive URL to get 20% off all Molly Suds products.
  • Little Stories: To try out this brilliant app for families, simply download Little Stories from the app store or Google Play and enjoy reading with your child.
  • BetterHelp: 3 in 30 Takeaways for Moms is sponsored by BetterHelp. Go to betterhelp.com/3in30 to get 10% off your first month of online therapy.
  • Greenlight: Sign up for Greenlight today and get your first month free when you go to Greenlight.com/3in30

 

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