Kids, Family and Finances with Randi & Sara W
I’m experiencing a baby boom of sorts between family members and Financial Gym clients! I felt like it made sense to talk about kids and money again on the show, especially from a Financial Trainer’s perspective. Where money and emotions mix, it becomes challenging to make the best financial choices. Speaking from experience, I can say there is nothing more emotional than raising a child or multiple children. Having a child means more expenses, but it also makes it challenging to make more income and navigating the best decisions when there are limited choices is stressful at best. Joining me today are Randi and Sara, two Trainers at The Financial Gym who are also moms to talk about how they personally handle some of these situations but also help their clients work through them as well.
What are we drinking?
Sara - Grape Seltzer
Randi - Topo Chico Exotic Pineapple
Shannon - Vodka & Black Cherry Schweppes
Podcast Notes
Financial Literacy starts in the home and it’s important to have money conversations with kids early!
There are different methods to get children involved! It’s about coming up with a system that works for your family. Creating a workable system that does not take a lot of energy, that is easy to understand and will last a long time.
Keeping up with the Joneses is an impossible challenge and not a trap you want to fall into with your kids and family.
Give yourself the radical permission to do what’s best for your family. Don’t be embarrassed or ashamed of the choices you make.
Sara often uses the phrase, ‘That’s good for that family, but that’s not for us,’ when her kids ask about her decisions, like being car-less by choice. She also reminds her kids that one day they will be able to make their own financial choices later when they’re adults.
Some advice for parents :
Work on yourself first and invite them in. Take away the taboo of talking about money. Be honest with your children that you’re on a journey and let them be involved in the choices and conversations.
Holiday gifting and parenting is an emotional experience. You want to give them everything. It doesn’t have to be about spending a lot of money, but creating experiences and memories they will cherish.
Long term memory does not start forming until around age five. Take comfort in knowing they won’t remember those first few years.
We sometimes put our adult views onto children. There’s pressure to be the perfect parent all the time, but no one is perfect. Give yourself a break, you’re doing a great job!
What about college?
It’s important to take care of ourselves before taking care of others, including our children.
Remember, you can always take out student loans, but there are no loans for retirement.
There are a lot of different options to help pay for a college education, if that’s a goal. There are scholarships,
If helping with college is an important goal, ensure you are also planning for your future self.
You don’t have to teach your kid every single thing about money. The biggest focus is how the system works. How to make money, save it, and spend it!
Help them understand what things cost and what that means.
Create an economic system in your house. Whether it’s through chores or gifting, understanding how money is generated and spent is huge and often not talked about.
This allows kids to learn in a controlled environment. They can learn and make mistakes in a safe place.
Get the kids involved with big savings goals! Making it a game makes it fun for you and gets them excited too!
There is no wrong way to manage your family’s finances, it’s about finding something that makes sense for your family!
You don’t have to be perfect, kids don’t have to see it as such. Focus on progress over perfection.
Takeaway: My biggest takeaway is that despite the high cost of raising children these days, the greatest gift we can give our children is our time and financial literacy. If you can combine these two together, then you’ll not only save money, but you’ll raise kids who are focused on saving money as well.
Random Three Questions
What is a mom win you’ve achieved?
And a ‘not my best’ mom moment?
What do you do to relax?
Meet the Trainers
Meet Randi Degraw, Level 2 Certified Financial Trainer
Meet Sara Willi, Level 2 Certified Financial Trainer
Listen to Randi and Sara on episodes of Financially Naked, Stories from The Financial Gym
Kids & Finance with Randi & Eileen
Couples Finances with Randi & Anthony
How to To Your Kids about Money with Randi & Garrett
Making Excuses for Fitness & Finance with Sara W & Courtney