Raising kids is tough, but raising financially responsible and aware kids is quite simple, and you can do it! This week, I am joined by a special teenager co-host, my 16-year-old step-daughter Maddie, as we discuss how and when to set financial expectations with kids. From limiting the volume of toys to comparison shopping to the realities of car insurance and college, we’re sharing real-life strategies and experiences to prove it’s never too early (or too late) to raise financially savvy kids. Get ready for practical tips and a teenager’s perspective on growing up with open conversations about money.
Maddie joins this week’s podcast as we talk about:
– The importance of starting money conversations early with children
– Age-appropriate strategies for teaching kids about money (early childhood, middle years, and teens)
– Practical examples of teaching value, like grocery store comparisons and setting spending limits
–The role of allowance and opportunities to earn money
– Discussing the difference between needs and wants
– Developing budgeting skills and the value of delayed gratification
– Navigating credit cards and debit cards with teenagers
– The financial realities of teenage car ownership and insurance costs
– Openly discussing college costs, scholarships, and student loans
– The benefits of open family communication about money
Show References:
- Inside Out Money podcast #93 – Teen Talk: Social Media Ads and Smarter Spending Habits with a Special Teenage Co-host
- friends on FIRE podcast #011 – Kids are the Best! Part 1
- friends on FIRE podcast #012 – Kids are the Best! Part 2 (Interview)
- friends on FIRE podcast #067 – Wants vs. Needs: 8 Tips for buying less stuff!
- Cash Cuties podcast: The Finances of Retiring at Age 41 (w/ Maggie Tucker, Inside Out Money Podcast)
Follow and connect with Inside Out Money:
- Subscribe to Substack
- YouTube
- Leave us a voicemail or text us: 404-981-3370
- eMail us at: insideoutmoneypod@gmail.com
