GrowingForChrist

Faith, Family, Love and Reviews

The MoneySmart Family System by Steve Economides and Annette Economides

on October 29, 2012

About the book:

Is it possible to raise financially responsible kids of any age in a society filled with consumerism and entitlement?

New York Times best-selling authors Steve and Annette Economides raised their five kids while spending 77 percent less than the USDA predicted. And the money they did spend was also used to train their children to become financially independent. The MoneySmart Family System will show you how to teach your children to manage money and have a good attitude while they’re learning to earn, budget, and spend wisely.

Learn how to:

*Get the kids out the door for school with less stress. *End the battle over clothing—forever *Teach your children to be grateful and generous. *Inspire your kids to help with chores as a member of a winning team. *Prepare your kids for their first paying job. *Help your kids pay for their own auto insurance, and even pay cash for their own cars. *Employ strategies for debt-free college educations. *Truly help your adult children when they want to move back home. *Be prepared to deal with your adult children when they ask for bailouts.

With clear steps for children of every age, The MoneySmart Family System proves that it’s never too early, too late, or too hard to start learning financial responsibility.

 

You can purchase the book at Thomas Nelson.

 

My Opinion:

 

I’m always looking for ways to incorporate financial responsibility to my children and I really liked some of the ideas given in The MoneySmart Family System – and like all books some ideas just don’t fit our family, but I don’t like tossing the baby out with the bath water.  I think it’s funny today that “experts” think that it would take $261,000 to raise a child from birth to age 17 – the authors seemed to find this as ludicrous as I did – and I know if it did cost that much then we wouldn’t have had 1 child let alone 3 and wanting more!  Of course, our children don’t feel the pull to need or want the newest fashion or high end clothing – they think a trip to Goodwill is better than going to the mall and expensive possessions are usually bought by Grandparents for Christmas and birthdays or they raise the money themselves.

 

I like the fact the authors themselves homeschool, but they also give ways to evaluate school choices – and there are a lot of them today as a way to begin teaching money smarts (no pun intended).  If a family simply can’t afford private school but enrolls the children anyway that’s just not smart or a good steward of money whereas homeschooling can be almost free – if you want to give them a superior education and know what they are learning.  The one thing the authors recommend is sort of an allowance, and while I can respect that decision it’s one my husband and I have decided to forgo.  Since our children are members of the household they are expected to help with chores and not get paid.

 

Our children get money usually at birthdays and Christmas and maybe someone will give them some for Easter.  We make sure they save some, give some and spend some with the knowledge that they can save their spending money as well.  I’d like to implement more ideas but first we need to have the disposable income in order to give them a weekly allowance and that isn’t available at this time.  I think this book is on to something and since I wasn’t given a lot of financial education – yes school and parents taught me to write checks but never about how to save and spend wisely so by putting some of these ideas to work in my family I hope to change that for my children.

 

**Disclaimer:  I was provided an e-copy of this book from Booksneeze in exchange for my honest opinion, no other compensation was given.

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