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The MoneySmart Family System: Teaching Financial Independence to Children of Every Age Paperback – August 20, 2012
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Top Customer Reviews
Authors Steve and Annette Economides developed a MoneySmart kids system where kids earn money based on a system of points for completing different tasks throughout the day. This "payday" (don't call it allowance) teaches responsibility and gives the kids funds to use for learning how to give, save, and spend wisely.
But this book is not just about money management. Chapters address time management (morning and evening routines), chores, teaching children how to give and share, how to set savings goals, clothes, college, and what to do when adult children move back home.
I like the authors' realistic and practical approach which is grounded in respect for kids' abilities and parents' boundaries. The advice is old-fashioned--but it's time tested and grounded both in self-reliance and in living responsibly in a community. Even if you don't use the system they've outlined, this book will cause you to think about how you manage money--and how you're teaching your children to budget, spend, and save.
In these economic times--this is a smart read for middle class parents who want to raise financially resilient children.
Authors ~ Steve and Annette Economides
I have read a couple of books by the Economides and really enjoyed each of them. This book was no different. I found it really easy to read and filled with wonderful frugal living information. This family has been there done that with frugal living and show that it can be done while still living life. They are truly an inspiration to us. I love the practical and no nonsense approach to money management this family lives by. They don't allow frills and sparkles to distract them from what is important...family financial security. This will be a book I refer back to multiple times. There are so many great tips and tricks in here for frugal living.
First of all, am I the only one who finds it ironic that a couple with the last name Economides has written multiple books related to finances? Economy....Economides....haha! Ok, now that I've got that out of my system, I'll get on with the review. :)
This book is chock-full of information, not all of it was relevant to me at this stage of life but I read through them anyway to get tips for the future. While there are some really good ideas, there are some concepts that I just can't see my family adopting. For example, I don't think a 9 year old needs to be budgeting to buy their own clothes. As a parent, I feel that it's my job to buy my kids' clothes. I also think that it's a sad testament to today's society that they needed to include sections on how to deal with adult children that should be out their parent's house and on their own. That's not fault to the authors, I'm sure some parents are in desperate need of such information.
Overall this book was okay. It is well-written and easy to understand, but some of their techniques seemed a little harsh to me.Read more ›
The book is very useful in breaking it out by your child's age, which I mostly agree with how they allocate specific ideas and suggestions to the age groups. There were only a few where I thought the younger kids (3-5 years old) could handle a little more, but overall their ideas for the age groups are aligned with my thinking on how responsibility increases with the child's age so starting early (ages 3-5) is crucial to getting them involved right from the beginning.
I might alter their way of working this a little as I don't necessarily agree our kids should get paid for having a good attitude in the morning, getting dressed, brushing their teeth, getting ready for school without any issues, etc. I think that is just expected and if they don't do it, then I'll take something away like a toy for the day.Read more ›
Most Recent Customer Reviews
Chock full of practical examples, this book lays a great foundation for raising children who are prepared for the real world. Read morePublished 3 months ago by Amazon Customer
Worth a parent's time to read. Has some good tips on training kids about common sense economics. Particularly useful in this era of irresponsible government give-a-ways. Read morePublished 7 months ago by Amazon Customer
This is an excellent resource. Actually, we have successfully used this with our sons and this particular copy was purchased for a friend with a 5 year old and a newborn.Published 20 months ago by Lorelei Smerdel