MoneyBags: A Guide to Teaching Kids Money

The Month of Independence

Things are starting to move fast!  I have a meeting scheduled with the illustrator of the book on the 26^th and the manuscript will soon return from the editor for my review.  The logo has been created and is on its way to be trademarked!  In the meantime summer is ticking away and my business calendar is jam packed for August!

As discussed in my last blog, it is a good thing I practice discipline.  It has been a while and I am rusty.  If, like me, you are not used to giving something up for 40 days and have never done so than working into it is a better option.  Hence, start slow with your kids by only give something up for a week.  Then, down the road try it again for two weeks, than four weeks, and then 40 days!  Make sure you are very clear on what you are giving up (for example, carbohydrates or potatoes and bread).  You want your kids to see the light at the end of the tunnel, but still make it a challenge.   Consider a reward outside their personal accomplishment of discipline by doubling their allowance during the discipline period or let them be in charge of picking the family meals.

Lastly, a failure may not be a failure.  It could actually be a point where your kids stop and evaluate the situation.  They may feel the practice of giving something up is more important and they will continue with their goal of discipline (that is a good option), but they may also decide to cave, like I did, when it was someone’s birthday.   Either way, they are learning something.  Hopefully, they are learning flexibility.  However, if they buckle every day, you know that they are not learning discipline and you need to continue to challenge their behavior so that they can see the reward of delayed gratification.

Since this is the month of independence (notice no school during the month of July), consider having your kids tell you what they most value from the freedom they experience in by living in the USA and why.   Explain to your kids what financial freedom means to you and ask them how would they feel if they were financially free?  What would they do with their time and money if they were financially free?

Here is to filling your MoneyBag!

Wendy