On My Bookshelf: The Money Smart Family System By Steve and Annette Economides
The Economides share their family's system for teaching their kids about money. The book outlines their exact method therefore there is no need to guess about the system at all. They include examples of the worksheets and schedules that are used in the system.
I chose this book because teaching our girls about financial responsibility is extremely important to Vic and me. Their thoughts about money are similar to ours which made the book an easy read.
A few key points:
- The Economides use a four point system which includes academics, chores, and morning and evening duties.
- Children are able to dictate how much their allowance is by the amount of work they put into the family.
- The book provides information for parents who have young children to those that have adults out of the house.
The book is packed with information which makes it impossible to put it all in a post. We haven't started the system at this time, but there is a possibility that we will. Personally, I have to become okay with giving allowances for academics and chores. Also, their system soon places the responsibility of clothing and such in the children's hands, and at this time we pay a really low allowance which is based totally on age ($1 per year). This will cause an increase in allowance for us based on their system. I do understand their reasons, but it will take some planning on our part.
I would recommend this book for anyone interested in creating financially fit children even if you don't end up using their exact system.
I received this book from Booksneeze for my honest review. I did not receive any compensation, and all thoughts are my own.