On this money saving Monday,
making your kids understand the value
of money with the cost of everyg
going up from groceries to gas.
One thing that hasn't changed?
Your kids asking for things like toys,
shoes, hanging at their favorite restaurant,
going to Disneyland, you know,
the list goes on and on.
So how do you make them realize,
no, we cannot afford this.
And help our kids understand.
Here with some great advice is Greg Merced,
financial consultant and CEO of Busy Kid.
Greg, it's great to have you.
Hi. Yeah, Good to be here. OK.
You know the parental life very
well because you are a dad of 6
and now a grandfather of four.
Goodness. My goodness.
I know. So you've been there,
done that and done it all.
OK, Yes.
First off,
you say that's set an expectatis
parents before you even go to the store.
What do you mean by that?
Next time you go to the store,
you don't want a guilt trip.
You just want to take a trip
to the grocery store, right?
And so you need to set the expectations
very clearly at the very beginn.
Say, hey guys, we're going to the store.
I'm really proud of you because
you've earned your own money.
If you want something,
you're using your own
card and you're buying it.
I got a list and I'm sticking to my list.
That's it.
Stick with the list.
OK, so parents need to be transparent.
And you've got some really
good examples of this.
First up, learn at the gas stat.
What do you mean by that?
All right, Make the gas
station a guessing game. OK?
Next time you drive into there,,
OK, guys, how much do you thinks
going to cost to fill the car u?
Everyone's watching hundreds, r?
It's like, let them understand d
be transparent with this stuff
instead of you get out and you
come back in and you drive away.
OK, gas stations, a good one.
I think there's another good on.
You're sitting on the couch, your phone
buzzes and it's your electric b.
This is a great one, especially in Phoenix,
right in August, September.
So much money.
Let them help you pay that bill.
Or at least let them know what it costs.
Right guys?
This week, this month it was
$600.00 or $400.00 or whatever.
And it's like,
let let this be more transparent
so they understand why you're
barking at them to close the dor
or shut off the lights as Zoe never does.
Yes. OK, Next up, make them
pay for their own stuff again,
if they're like,
way into this particular shoe to
to school or this scooter or whatever.
Say you got the money because ye
been working hard around the hoe
or at grandma's house or whatev.
You're paying for this.
And you know, I'm always good
for like a 5050 deal too.
If they're good about, you know,
presenting it in a good way,
especially if it's really expen,
Okay. Finally, you say,
share your successes and failur.
What do you mean by that?
Be OK with saying, hey,
I'm not that good at this and It
to get better, but more specifically,
I want you to be better than me.
Kids get that. Parents,
it feels good to say that to
them and let them know.
Like, I'm not that super
great at saving money.
I can make it pretty good and
I'm not very good at saving who is a teenager
or who. Let them know who cares
and learn from your mistakes and
let them be better than you are.
OK, OK. Another great way to get kids
to understand the value of mone.
You say pay them to do their ch.
Now I There's a big divide about this.
There is It earns its own segme.
Some people don't pay their kids for chores.
Others do. But why? Why should ?
OK, the perfect little ecosystem
of reality is in your own home,
Okay, you don't go to work and
do nothing and get paid Okay.
So teach them they have to work
and then they get the money.
This connection between work and money
is really important and the ecosystem
that you have in your own little
house is perfect to do it becaue
they can't go get a real job ye,
right? They're too little.
Let them work and understand tht
connection between working and money.
If you if they get that early,
you're going to set them up
for making better decisions
throughout their entire life.
And then they could pay for
that $400.00 electric bill.
Yeah, let them do that once a once a year.
Good luck. I know.
Great. You are wonderful.
OK, Don't go anywhere because we
have a lot more we want to get o
because we want to help our vie.
So if you have any questions tht
you want to ask our expert toda,
just text us at
602-444-1212. We'll get some
of them answered right here,
live on our air in about 20 min.