February 19, 2024

Being Frugal Is Not Enough ~ Money Lessons

34 minutes

Being Frugal is NOT Enough: Money Lessons ~ Episode 517

Money lessons include being frugal, but that’s really not enough. If you are interested in learning why living a financially responsible life is not automatically passed down to our kids? In this episode Felice Gerwitz interviews Charla McKinley our podcaster on It’s Not About Money Podcast on this network!

*This interview was conducted before Charla became a podcaster on the Ultimate Homeschool Podcast Network! She and her husband Matt host “It’s Not About Money” here.

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Visit Charla McKinley at Beyond Personal Finance here.

Links to other saving money podcasts

Saving Money For Big Purchases

Saving Money On Field Trips

Saving Money On Electricity

Being Frugal is important but Charla McKinley shares more about why teens sometimes pick up habits that are less than desirable for fiscal responsibility. She shares a real life story to illustrate this point regarding her son and the purchase of white tennis shoes. He basically blew his entire shoe budget for the year on shoes his mother advised against purchasing. Charla discusses how this one decision had ramification on his future spending and what she did to lead him toward awareness.

This experience shaped his financial outlook on finances especially on budgeting for future expenses. Charla explained how we, as parents like to help our children understand that money isn’t just for spending … and she gives us practical tips for helping the kids understand this concept. It isn’t that hard, but it does take work.

The McKinleys give their children an allowance, but she shares how we can not only be consistent but how weaving allowances into being a responsible spender is important. She also answers teh question about parents who disagree, believing families should all pitch in and work without pay. (This is important when it comes to chores, but an allowance is different. Charla explains this on air.)

She also shares a list of five money lessons our teens need to know before leaving the house for good, and how can parents start teaching these lessons to their children simply and effectively.

The Big 5 – Money Lessons Your Teen Needs

Before they leave home.

How to plan your money so it will get what you need when you need it.

How to spend money and keep track of what you spent.

Where to put your money for current and future spending

How to research and negotiate to earn more and save more money.

How and where to invest to grow your money.

The post Being Frugal Is Not Enough ~ Money Lessons appeared first on Ultimate Homeschool Podcast Network.

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By Felice Gerwitz

4.7

3030 ratings