The MoneySmart Family System: Teaching Financial Independence to Children of Every Age

The MoneySmart Family System: Teaching Financial Independence to Children of Every Age

by Steve Economides, Annette Economides
4.0 9

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The MoneySmart Family System: Teaching Financial Independence to Children of Every Age by Steve Economides, Annette Economides

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.

“Every parent or parent-to-be should read this book!” —Dr. Laura Schlessinger

Product Details

ISBN-13: 9781400203321
Publisher: Nelson, Thomas, Inc.
Publication date: 08/20/2012
Format: NOOK Book
Pages: 272
File size: 2 MB

About the Author

Steve and Annette Economides are hailed as “America’s Cheapest Family.” With their amazing tools for saving money and personal story of living debt free, they are showing families everywhere how to live the American dream without debt. They have five children.

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The MoneySmart Family System: Teaching Financial Independence to Children of Every Age 4 out of 5 based on 0 ratings. 9 reviews.
Anonymous More than 1 year ago
I recently read The MoneySmart Family System by Steve Economides and Annette Economides. This husband and wife duo have raised several money-savvy children, so I was interested to read about their perspective on teaching finances to children. The book is incredibly easy to read, and I have referred to it over the past few weeks. They recommend that even young children can participate in the family through chores, and start to learn the value of money. As children get older, their roles increase, their money increases, and their responsibility for paying for their own items (clothing, etc) increase. This is an interesting idea, and certainly better than the shock that some teenagers face the moment they are on their own at college. The book has some interesting ideas that seem to have worked really well for their family. While I have always believed that even young children can help out around the house, I have learned recently that many of my cousin's children have no household responsibilities, even though they are now school-age. If you are raising children, and fear that our consumerist culture will leave you penniless as your children age, this is an important book to read. Thanks to the good folks at Booksneeze who provided this book to me at no charge in exchange for an honest review.
Anonymous More than 1 year ago
I always look for new ways or techniques to teach our daughters about being financially fit. I enjoyed reading about the Economides ways of preparing their children. They offer great system that works for them, but I am not sure their exact system would work for our family. I did however glean plenty of good information. I recommend this book to any parent that would like a different perspective about getting children prepared for the real world. I received this book free from Booksneeze for an honest review.
gadfly1974 More than 1 year ago
I’d never heard of the MoneySmart system before reading this book. In fact, other than teaching our kids to save some money and donate a bit to charity, I hadn’t considered how to prepare them for the adult world of money. This book provides an excellent foundation for considering these things deeply and practically. My family is not going to follow this system precisely. It’s far too rigid and prescriptive. But it has given me plenty of ideas for how to help my children prepare for a lifetime of financial health without breaking the bank. If you don’t mind picking and choosing elements from a very strict program, then I recommend giving this book a try! Disclaimer: I received a free copy of this book from the publisher in exchange for my unbiased review.
BethanyMoMadeMomma More than 1 year ago
Steve and Annette Economides have written a new book to help parents teach their children about the value of money and "financial independence." In "The Money Smart family system" they teach you the money system that they have been using in their family. Teaching children about money, in today’s society, can be extremely hard. All children see are ads for the next new, big, thing. When they are in school all they are seeing are other children with the newest tech object or greatest toy. Children are not being taught that it takes money to get something and to get that money it takes work. Most parents are just handing their children whatever they want because they can. Well, the Economides feel like children should earn what they get by being giving wages (just like adults) and have to work for their wages. So, they set up a points system instead of a time card. Their children are expected to work towards earning 4 point each day under the categories of: Morning Point, School Point, Chore Point, and Round-up point. At the end of the week their children’s points were added up and they were paid a certain amount for each one. Obviously, the older the child, the more the point was worth. After being paid their children were then expected to divide their wages into different folders which taught them to save money, donate money and have some to spend. All basic concepts that we as adults know but, if we don’t teach our children then they will have no idea. As the children get older they are taught more monetary responsibility by getting part time jobs. At that time they are responsible for their own clothes, car insurance, any extra “luxury” items they want, and more. There are some things that they felt that parents should be responsible for buy at this age but, only necessities. Items such as haircuts, medical expenses, and school portraits should be paid for by the parents. Items such as cosmetics, class rings, and cosmetic surgery are the child’s responsibility. Overall this was a good book and got me thinking about a few things that I might want to implement when it comes to teaching my children about money but, most of it is common sense. There are tons of diagrams and forms throughout the book which helps to illustrate their points. They have a great system and I feel that it will benefit parents to take a look at their system. The only problems I had with the book is since they wrote it as a team the narration is a little confusing sometimes. I would be reading and think that it was Steve talking but, instead it was actually Annette. I would have loved to have a little more clarification as to who was talking. The other problem or con I had was that they kept referring the reader back to their website and directing you there so that you could buy something from them. I felt like they were trying to sell you something the whole time I was reading. It felt kind of like an infomercial. I recommend this book as a basic starter book for teaching children about money. Like I said before, it’s full of common sense information. The book can help you work towards teaching your children to be financially independent. I received this book from Book Sneeze for free for an honest review.
Anonymous More than 1 year ago
I was very excited to get this book from Thomas Nelson's Booksneeze blogger book review program! I snatch up every money/budgeting/financial book that I can because these pique my interested and it's always interesting to read about a new angle of financial stewardship. This book was inspiring from the start. This book's goal is to teach parents about "Teaching financial independence to children of every age." The first few chapters outline how the authors raised their kids and various ideas behind why they chose to do things the way they did when it came to parenting. I found the first couple chapters quite inspiring and also found that they encouraged me to think twice about parenting decisions (in the financial realm) that we're making already, even though our son is still under 2. As the book progressed, it started to get a bit more into parenting choices and ideas. While other areas of parenting do relate to raising financially independent children (responsible children will tend to be more financially independent, self-motivated children will tend to be more financially independent, etc), I did find that I didn't agree with some of the ideas presented. I found myself wishing that this book had more to do directly with family finances and less to do with parenting. I realize that these are closely related and perhaps that's just what this book is. This book is well-written and gives some good ideas for teaching children of all ages about being financially responsible. Each chapter gives practical suggestions for each age group, making it easy to come up with ideas that will work within your family and also making it possible to start the "training" at any stage in parenting, whether your children are infants or nearing the end of high school. If you are looking for a book devoted solely to family financial matters, this probably isn't THE book to pick up, but if you are open to sifting through another family's parenting techniques and coming up with a way to teach your children to be financially independent, this book has great ideas and values. I received this book free from Thomas Nelson's Booksneeze blogger book review program and am under no obligation to give a positive review.
ReadWorm More than 1 year ago
I am so blown away by this book – not only is it practical in terms of teaching children about money but it also encompasses other issues facing parents raising children with reasonable boundaries and responsibilities. I really enjoyed the way this book gets to the core of parenting children and teaching them sound (not only financial but life) principles. The authors Steve and Annette Economides, know what they are talking about having raised five children to be moneysmart, they have produced this book having walked the walk, made some mistakes, found some solutions and come up with such a wonderfully practical guide to being money smart as adults and passing this one to our children. The book is broken down into 21 chapters which start off with a great rule to apply to the financial management of our children. Then broken down into the various categories of giving, saving and spending, this book is packed with tips on how to apply the MoneySmart Family system. It’s a great read and makes a lot of sense in raising smart, money savvy independent young children. I just wish I had read this many years ago already. Fabulous. Disclosure of Material Connection: I received this book free from the publisher through the BookSneeze®.com book review bloggers program. I was not required to write a positive review. The opinions I have expressed are my own. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255 : “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Anonymous More than 1 year ago
If you're looking for a resource packed with tips and tricks for raising financially responsible kids... this book is for you! Steve and Annette Economides are pros when it comes to saving money... with a large family they've learned to cut and save while even getting ahead financially! Not only will you find suggestions for the envelope system: saving for the future, giving, and spending... you'll also find tips for chores and allowance, broken down by different age brackets. Also addressed will be the pros and cons of different jobs for teens, saving for a car, and paying for college. I definitely recommend this book for parents wanting to lead and guide their kids to financial independence, and am looking forward to putting some of the advice to use right away!
mmary More than 1 year ago
I received a free copy of this book from the publisher in exchange for a review. The book is very good and stay on topic from cover to cover. Many points were common sense to me but I did find the book enjoyable. They are known for running a house hold below budget. They suggest things like having a routine and buying used items when ever possible and bartering and haggling when making major purchase items. Honestly, go talk to an Indian man and you will learn more about saving money. No one is more frugal than an Indian, and I refer to someone from India. Of course they rightfully talk about giving God His 10% and I will say this: I heard an old lady at my church say back in 2008 that God expects His 10%, and when you give Him more than that He will bless you for it. That is completely true. For my own intake on this book I would have given it a one star. But for the help it can offer to people who have not worked for 15 years for several Indians I believe this book could be a real treasure trove of information.
The_Psychotic_Housewife More than 1 year ago
The authors of The MoneySmart Famiy System raised five kids while spending 77 percent less than the USDA predicted. I'd call that pretty thrifty! The money this family did spend was also used to train their children to become financially independent. From earning a little allowance doing chores to showing children the value of savings, to even preparing kids for their first job, you'll find the topic covered here. And don't think this is an outdated system - they even discuss social media, so trust me - this book is geared towards any family right now! I loved how there was easy to accomplish tips, such as laying the ground work for responsibility and making sure your children finished all chores and homework before fun downtimes like playing games or watching TV. That's the beauty of the book - it covers on up to age 24 (and beyond), so no matter how old your children are for the most part, there are tips you can start to put into play to help them onto a better financial path and keep them out of debt. Sure, not every strategy or tip might be right for your family, but even if you walk away with one or two ideas to help your children out, it's not time wasted reading. Please note I received a copy of this book from the publisher in exchange for sharing my honest opinion on it.