Having Money Conversations With Kids w/ Bobbi Rebell

Learning financial tools and responsibility can be hard enough as an adult, but how do we approach this topic with our kids? How do we pass on better money habits and financial literacy? On today's episode, we talk with Bobbi Rebell about the impact our own childhood has on the way we approach money with kids, as well as ways to navigate money conversations with your children.

Sponsors:

• Kids on 45th: An online thrift store that makes it easy for you to dress your ever growing children for up to 90% off retail. You tell them your kid’s style and sizes, and they pick the types of garments you need and ship them to your door! Check them out : Kidson45th.com
• Mansplaining: The real art of explaining not so complicated concepts to very competent individuals, here to tell you that “sweetheart - this is not a real sponsor - it’s a fake one - like when you play monopoly - it’s not real money - it’s fake - do you get it?” Mansplaining - the worst and most degrading way of providing unnecessary details - and definitely NOT the way you to explain finances to your kids

Notable Notes:

We spoke with Bobbi about the impact our own childhood has on the way we approach money with kids, and ways to navigate money conversations with your children, here's some of what we asked her:

• How did your parents and siblings impact your spending habits as an adult?
  • Learned by observation - mom was frugal
  • Irrational frugality (scarcity mindset)
• What are the most important things parents can do to teach their young children about money
  • Make it part of everyday life (despite the eye roll)
  • Start when they ask
  • 3-jars - save, give, spend
• What should parents of teens be doing to teach their kids about money and get them to act on these lessons?
  • Kids earning income
  • Balancing caring for your kids and letting go where necessary
  • Family ecosystem - all support each other

BILL OF THE WEEK - Thanks Bobbi for your bill - it’s so nice to afford new computers that serve our purposes!

• If you want to submit your bill of the week visit frugalfriendspodcast.com/bill to leave us a bill

Lightning Round

• Top 3 tips for being a financial grown-up
  • 1. Look at numbers! Know what you have, know what you owe!
  • 2. Automate payments - less stressful (BUT DON’T FORGET TIP 1)
  • 3. Forgive mistakes
• Where can we find more from you?
  • Bobbirebell.com

Frugal Friends Book Club:

• We are reading my new book, Pay off Your Debt For Good for book club this month!
• If you want a free copy, leave us a review on iTunes or Stitcher, screenshot the review and send it to frugalfriendspodcast@gmail.com. We’ll select the winners at the end of the month.