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Episode 2571:
Chelsea from SmartMoneyMamas.com provides insightful strategies to involve children in family finances. The article emphasizes practical methods like using cash for certain expenses, understanding entertainment budgets, and maintaining a family savings chart. These approaches not only make money tangible for kids but also instill valuable financial habits early on.
Read along with the original article(s) here: https://smartmoneymamas.com/5-ways-to-involve-kids-in-the-family-budget/
Quotes to ponder:
"The best ways to involve your children in the family budget are going to be any methods that get them physically involved."
"If we discuss money with our children inconsistently or make it clear that is an uncomfortable subject for us, the first financial lesson our kids will learn is money is mysterious and scary."
"Fully understanding the idea of opportunity cost from a young age will help [children] make smarter financial decisions as an adult."
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Optimal Finance Daily - Financial Independence and Money Advice