Episode Summary
Since we said cars are the worst, we thought we’d next focus on what’s the best: our kids! People think kids are expensive, and then can be, but they don’t have to be. Mike has 2 kids, and Maggie has 3 kids, and we share our thoughts on raising them and the costs of doing so. We share some tips on the various categories of expenses related to kids, and how we believe that talking openly with your kids about money can improve your finances and theirs as they get older.
Episode Notes
Rebecca calls in to share a neat “jar system” she does with her child. We love this tip and thank you for sharing!
We then get into our suggestions of how you can be very thoughtful with how you spend your money and at the same time teach your kids lessons about what’s important in life. This requires a little more discipline and thought, but it’s attainable. The topics we cover include:
- Controlling the stuff you buy for your kids. Mike shares about his trips to Target with his kids.
- Get good at saying no to your kids.
- Set an example for your kids on what’s important in life. Show your kids what’s important to you and teach them about limits. You are the adult. You set the example and make the decisions, not your kids. We think some people forget this. Holding your kids to the same standard that you set for yourself.
- Teach your kids that they don’t need stuff to be happy. We know this isn’t easy, but it’s possible.
- Have open and honest discussions with your kids about money.
- Clothing and how much kids really need in terms of clothing.
- Toys and how much toys kids really need.
- Books and leveraging the public library.
- Eating out with kids.
- Activities with kids.
- Education for kids.
- College for kids.
Our top takeaways for this show are:
- Talk to your kids about money.
- You’re the adult, and you’re in charge. You can say no to things. You can set boundaries.
- Our kids have a lot to be thankful for. They aren’t suffering because of how we limit their spending and decisions. There is real suffering happening in this world, and it’s not related to any of the limitations or things we’re talking about here.