Content creator Hannah Koumakis, who lives in New Zealand, explained how implementing the pocket money system (taught by her father) helped her to set long-term savings goals at 7 years of age. This enabled her to buy a car at 16 and a house at 23.

The pocket money system helped:

"...teach us the value of each dollar and to make us completely in charge of our finances from such a young age."

"...we actually had to split off our pocket money into different accounts. We didn't just get the full $140*...we had $70 for long-term savings...which obviously left us with $70. And then we didn't just get that $70. We also had to pay $14 towards our church, which is tithe...And then we also had to put aside $20 to short-term savings...for our car. So again, at the age of seven, they were making us save for our car, which left us with $36 and $36 had to cover everything that we wanted in our life...from socks to underwear to clothing, to if we went out to McDonald's."

What do you think about this episode and Hannah's pocket money system?

Could this help with teaching your kids how to set long-term savings goals?

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*NZ dollars in 2007

Setting money goals can help teach responsibility and discipline. Barry Choi, Personal Finance and Travel Expert, talks about the money goals and money memories from his teen years.

First job:

"My first paying job...I was probably 16 or 17. It was data entry. It was at my uncle's company, and he was the CFO. So obviously that's how I got that hookup..."

First purchase:

"So, when I got first access to my debit card...I immediately spent half my savings, which wasn't a lot. In high school...PlayStation had just come out. It was the biggest thing ever. I spent all my money on that. But then once I got a consistent job, I was probably like 18,...that's when I started to save. And the reason I started to save...is because my parents encouraged me to open up an RSP...at the time I was only setting aside $25 or $50 a month, but...that's when I became a saver."

"...I keep talking about this PlayStation and how it blew my savings, but I got so much joy out of it. I think it was worth it. And this is what I was saying... If you set aside for your goals and you spend guilt-free after, don't feel bad about it."

Money Mindset

"Just knowing that money is there to work for you...So, if you can earn more money, obviously that's more beneficial. For most people, having a high income is the best, but once you start investing your money, the power of compound interest can go a very long way. So generally speaking, if you can invest early, save early, you'll be set up for financial success."

For more information about Barry Choi, visit his website MoneyWeHave.com.

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Should our kids use a debit card vs. cash? Finance and Travel Expert, Barry Choi (MoneyWeHave.com), talks about this topic and the following:

"One basic thing...it's like an ice cream truck comes around every single day...it's like $4 a cone, but we can buy a giant bucket for $8. So, it's like, 'listen, you can get two ice cream cones from the truck, or you can have a bucket that will last you a month.'"

"...depending on the age of your kids, cash is still king...it's very important for kids to understand [that] this is the money you currently have [and that] if you start spending it, you're going to start losing it...

"...studies have shown that when you're paying strictly with credit or debit, you typically spend more. But if you're using cash, you'll physically see money disappearing from your wallet, purse,...

"So, despite the fact that we're going towards a cashless society or contactless society, I still think it makes a lot of sense for kids to use cash. So, as a parent, maybe you give your kids a cash allowance, instead of debit. That said, I would say once your kids are in a double digit, just like 10, 11, you want to start introducing them to their own debit card...[and] hopefully before you get to that point, you've taught them valuable lessons about money, so they don't feel inclined to just start withdrawing all their funds from the bank account."

For more information about Barry Choi, visit his website MoneyWeHave.com.

What do you think about this episode and the debit card vs. cash question?

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Author Anthony Delauney, author of the Owning the Dash series of books, talks about his own Money Mistakes and:

What is one purchase you made when you were young that you remember fondly?

A gift for his mom
"Seeing the joy that you can bring to other people with the tool of money is really exciting. Giving is one of the best sensations in the world..."

What is one thing you now realize was a waste, but at the time you really wanted?

"I think that waste is not so much a thing...I think the waste is worry...and I'm being a hypocrite in this... I was voted in high school among my peers as the most worrisome person in our school...but I think that a lot of times, we make decisions - some good, some bad...but the amount of time we spend worrying about our decisions is really what the biggest waste is...because the worry doesn't do anything to help and only hurts us mentally and physically."

So, you were cautious with money growing up...

"Yes, I would say that I was cautious, but that the caution can be as much of a drawback...sometimes being too cautious can put you in harm's way as well...I've learned the mistakes of being too cautious."

What Anthony has learned...

Telling people what to do, doesn't work all the time.
"...two people could be in very different situations, different mindsets..."

"...my fear of discussing things, my fear of asking questions is what caused me to fail early in life and I think it's really important...young adults, children, to feel the confidence of asking questions...there's no such thing as a stupid question..."

To hear Anthony talk about the following, check out Episode 5:

- incorporating teaching moments into daily life
- understanding that mindset influences the way money lessons are learned
- delayed gratification
- young kids may not understand the concept of money. Dash and Nikki and the Jellybean Game (part of the Owning the Dash series of books) uses jellybeans to explain the concepts of delayed gratification, saving, and earning interest.
- money mistakes

For more information about Anthony Delauney and his series of books (Owning the Dash), click HERE.

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Anthony Delauney, author of the Owning the Dash book series for kids, wants to emphasize that money is a tool.

In this episode, he also talks about:

"Children tend to monitor and learn from the things we do and how we act with our own money...so when we go to the grocery store or when we go to certain activities ...and we spend money or we use that tool, how do we use it? ...and what's our behaviour like around it? Do we like talking about it? Do we not talk about it at all? Those behaviours are things children pick up on very quickly."

"Just because you tell children what to do, does not mean they will follow that lesson...so the most important thing as a parent...that parents need to be aware of, is what they're doing themselves...Are they being honest with themselves? If they're telling their children to do one thing, but they're not doing it themselves, that's a recipe for trouble down the road."

"They don't understand, per se, all the concepts around money...but they certainly pay attention to the emotion that parents have around money..."

The full episode (also available on your preferred podcast player) contains specific techniques and teaching moments to emphasize that money is a tool.

Looking for more? Revisit on Wednesday for a bonus episode. Don't miss out on hearing Anthony reflect on his money past, including details about:

For more information about Anthony Delauney and his series of books (Owning the Dash) click HERE.

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Author Ellen Sabin on Financial Confidence and the importance of teaching moments.

Excerpts from our conversation:

First job

...at an ice cream store

"I sort of loved the feeling of...power, if I can say that word. I loved the idea that I was bringing money in...my parents gave me the privilege of saying, 'if you earn it, it's all yours.'

Saver or Spender?

...thanks to her mother's technique

"I learned at a young age, that having balance on what I spent and saved was a good thing."

First purchase regret

...a pair of name-brand jeans, which were "5x's more expensive" than other jeans

"...but those are good teaching moments. We're all going to do that sometimes... as long as we learn from the habit of not doing it all the time and learning from our mistakes...then all is good."

The full episode (also available on your preferred podcast player) includes other money memories from Ellen's past. You can also listen to Ellen talk about developing financial confidence; needs vs. wants and making money mistakes in Episode 4.

For more information about Ellen Sabin and her series of books (Watering Can Press), click HERE.

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Ellen Sabin, author of The Nickels, Dimes and Dollars Book, talks about Financial Literacy, specifically:

...on the challenges of parents teaching financial literacy:

"....while adults know it's an important topic, very few have been given the skills on how to teach it...that don't sound preachy or academic..."

"...one of the challenges of parents delving into this topic ...is parents don't talk about money in front of children...or when they are talking about money, it's not in a positive way or they're arguing or it's a debate..."

How do you foster confidence in kids...to make good money choices?

- start with the basics

"Children first need to be presented with what people do with money...the idea that money is something to spend; to share; to save; to earn; to grow; and that you can budget with it...children wouldn't be able to make choices unless they knew the realm of what money does."

- mindset about mistakes

"We all make mistakes...and it's helpful for money matters to be an easy conversation...make the conversation a regular conversation."

The full episode (also available on your preferred podcast player) contains specific techniques and teaching moments for you and your children. Listen to the BONUS episode, where Ellen talks about her first job, her first purchase and her first money mistake.

For more information about Ellen Sabin and her series of books, click HERE.

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8-year-old Sammie had a great idea; to have a buddy bench installed in her school yard.

This idea could have been dismissed or forgotten.

Instead, she collaborated with her mom, did some research and brought the idea to her school principal.

That was the beginning of Sammie's Buddy Bench Project!

Listen to this episode to hear 14-year-old Sammie talk about:

- What is a Buddy Bench?

"If someone is lonely, they can go sit on the bench and others know to go up and ask them to play."

- How the idea of benches made out of recycled plastic came about

(her mom found out about GreenTree Plastics, an Evansville, Indiana company)

- How the Buddy Bench project is a "3-in-one" (it helps the environment; it encourages kindness; and it encourages collaboration)

- Why are some great ideas are ignored?

"I'm really thankful that I have people in my life that helped me make this project come to life."

- How rewarding and fulfilling it has been to work on the Buddy Bench Project

"It's insane. When I was 8 years old, I didn't think that I would be shipping Buddy Benches to Ghana. I didn't think I would be talking on the Today Show. ...it really is, I think, making a difference."

During the height of the pandemic when lockdowns were common and schools were closed, social media was key to staying connected. But that's when 16-year-old Keegan Lee, decided to give it up and record her observations and feelings.

And now at 18-years-old and in her first year at The University of North Carolina at Chapel Hill, she says that she is "so much happier because I found that not everything in your life needs to be put on the internet."

Keegan Lee wrote the book, 60 Days of Disconnect, about her social media cleanse.

Listen to this episode to hear Keegan talk about:

- her motivation for giving up social media

"I saw that it was affecting my mental health."

"I was spending a lot of time on Instagram...tik tok..."

- how she took action

"I deleted all my social media apps throughout the 60-day cleanse, but I still had my phone."

- her observations

"I think that because I depended so much on the likes and the connection that I received on social media, I think that...that just translated into me being aware and on alert for notifications..."

"Right now, honestly, there are times where I still struggle with healthy social media regulation, but I am more consciously aware of it. I'm in a good place right now. I'm really happy with my relationship with social media right now."

Can girls play the drums?

Aiwen Voth, an 11-year-old student from Calgary, Alberta definitely thinks so.

We saw her on a GlobalTV news piece earlier this year talking about the annual Hit Like a Girl Contest, that she had entered. The international contest showcases the talent of female drummers around the world. Aiwen ultimately walked away with the 2023 Zultan Emerging Talents Award and The School of Rock scholarship through the contest.

Listen to this episode to hear:

- Aiwen play the drums and the innovative way she mixed the drums with the guzheng (Chinese zither or harp)

- Aiwen explain her style and passion for drumming

- Aiwen talk about how drumming helped with her confidence

For more information and to see Aiwen play more, you can check out her YouTube channel or follow her on her Instagram page @moonlightdrummer.