I recently had the pleasure of being asked to review of the new eBook – How to Teach Your Kids About Money by Laurie from The Frugal Farmer.
As many of you know, I have a 15 month old son and one of the main things that I want to teach him about from a young age is how to manage money and look after your financial future. While I have my own plan on how I want to teach my son about money, I felt it was good to read How to teach your kids about money as it provided quite a few different ideas and things that I hadn’t really thought of before.
So getting down to the nuts and bolts of things – I feel that this book is primarily going to benefit someone who hasn’t got a strong background in finance or money management. It goes into a number of different topics like:
- The value of money
- Earning money
- Debt and Interest
- plus much more
One of the things that I enjoyed most about the book was reading about how Laurie and her family are working their way out of debt. Laurie developed a solid plan of tackling that debt and made some difficult life choices to prioritise their families financial future over the here and now.
While debt reduction is an important topic, the book is focused on teaching children about money, and it doesn’t disappoint. Some of the key messages that Laurie included in the book, was to let children help to plan and make small financial choices, and to talk openly to children about money so that they know how to handle money as they get older. I really liked both of those ideas as it is something that I feel a lot of parents with children don’t do, and it is something that just can’t be taught in school.
I also really enjoyed reading about the allowance system that Laurie and her husband have put in place for their children as it reminded me of my own childhood where you had a set number of chores to complete each week, however something that I wasn’t subjected to was a satisfaction rating where deductions could occur should the employer (the parents) not feel that the job was done to an acceptable standard. I thought this was great, and it is something that I would love to emulate in our own family.
Anyway, I don’t want to ruin the whole book for you by telling you everything that’s inside, but it is a good book that I feel plenty of people will get a lot out of. Remember – your children look up to you for guidance, and it is your responsibility to ensure that they are well equipped to deal with whatever it is that life throws at them – including how to look after themselves financially.
The ebook How to Teach Your Kids About Money is available here for $4.99 and is 22 pages in length.