Thanks for joining me at Money Debates 🙂
I hope you found the session useful.
Below you’ll find:
- A summary of the two activities I covered in the talk,
- Some links with more information if you want to delve further into your options,
- A short survey to give me feedback,
- Some ways you can connect with Money School (for adults), and
- Some ways you can connect with Maker Kids Club (for kids).
Thanks again for attending, wishing you a wonderful experience raising financially savvy kids!
1. Activities
Activity #1: Bartering competition
As a family, run a competition to see who can strike the best deal through negotiation. This could be at a farmers market, in an electronics shops such as JB Hifi or Harvey Norman, or any other place where negotiation is an option.
Coaching points:
- You don’t have to be rude – it can be as simple as asking ‘Can you do a better price?’
- ‘A bargain’ does not constitute good value if it’s not useful or needed – wasteful purchasing is counterproductive.
- ‘Price’ and ‘value’ are not the same thing.
- Ask questions about how negotiating felt, and whether it was worth it.
Activity #2: Enterprise thinking pocket money
Instead of assigning a value to specific chores for your child, or even assigning specific chores themselves, ask your child to propose activities they can do to earn money and negotiate the price together.
Coaching points:
- Don’t make it easy for them. If they propose a chore that is of no use to you, don’t agree. If their price is too high, feel free to laugh or exclaim ‘ridiculous!’ – this is what will happen if they do that with people they don’t know.
- Let them make mistakes. For example, if they fail to negotiate that you’ll cover the cost of cleaning products, deduct that from the payout. They’ll learn more this way.
- Talk about the difference between earning money for an outcome and trading time for money. People get paid both ways – which do they prefer?
- Include a time frame and quality standard. If not completed on time or to the required standard, deduct some income.
2. Links
Here are some of the links I mentioned (and some I didn’t) that you might find useful:
The Great Pocket Money Debate
Blog on the four ways you can pay pocket money, and how to choose the right one for you
ABC Perth Radio Focus Interview
Lacey speaks about teaching kids about money with Nadia Mitsopoulos
Today Extra TV Interview (3mins)
Lacey speaks with David and Belinda on how to raise financially fit kids
Talking Money with Young Children
Blog on how to talk to kids as young as three about money
3. Feedback Form
I’d really appreciate your feedback. Please complete the form below and click ‘Submit’:
If you’re feeling generous, a review on Facebook never goes astray – click ‘Share feedback’ when you get to Facebook 🙂
(…and if you have read my non-fiction book, an online book review would be AMAZING.)
4. Connect with Money School
If this is your first time to the site – welcome!
We help people become financially independent and reclaim their lives through independent, comprehensive financial education.
Want to learn more? Check out:
Lacey’s TEDx Talk
Why you should think about financial independence and mini-retirements
Money School
Lacey’s non-fiction book with Penguin Life (skip to Part 3 for risk management!)
Our Blog
Over 70 articles answering reader questions about money
Our Courses
Independent, online, self-paced learning, including our free course on debt
5. Connect with Maker Kids Club
Money School’s sister business is for children.
We use launching and running a micro-business as a way of teaching kids about earning and saving money. We think of it as our financial capability ‘silver bullet’.
We offer MKC at school and at home, and you’re welcome to follow us on your preferred social media channel (Facebook, LinkedIn, Twitter, YouTube).