We’ve tried to answer your key questions below, but if you cannot find what you need please click here and feel free to ask us your question.
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I cannot download the Quick Start Guide |
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We suggest you try refreshing your browser or try opening a new browser window to access the moneywizdom.com website again. If you cannot download after these attempts, please click here and send us a note and we will send you a copy of the Quick Start Guide. |
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I signed up for the Money Moments email but never received an activation email. What do I do? |
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Click here and send us a quick note. We will get you signed up.
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I no longer want to receive the Money Moments email, how do I unsubscribe? |
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To unsubscribe, go the bottom of one of the emails in your inbox and hit the unsubscribe link. You will be taken to a confirmation page that identifies your email address and acknowledges that you have been unsubscribed. Additionally, you will receive an email confirming your subscription was stopped.
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I cannot open the Money Moments email from you? |
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Please send us a note via the contact us page and we will help you determine why you cannot open the Money Moments email. |
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I am not receiving the Money Moments email and I signed up. |
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Please send us a note via the contact us page and tell us your issue. We will work to understand why you are not receiving the weekly emails. |
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What is a Money Moments email? |
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Our Money Moments offer short, fun and actionable ideas for simple money training which fit into everyday things you are already doing with your kids.
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How do I sign up for the Money Moments emails? |
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Easy. Enter your name and email address here. |
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What is the Money Wizdom program? |
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We want your kids to grow up having a balanced approach to handling their money. And that balance starts with good budgeting skills (and a habit or two). The Money Wizdom program is designed to help you teach your kids age-appropriate budgeting skills in a simple, fun, and responsible manner. It only takes about 30 minutes to get your family going, and it fits easily into everyday family life. Oh, and you set the rules for what your kids can and cannot do!
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Why is it important for my kids to learn to budget? |
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Budgeting is the foundational skill in money management. A “good” budget enables anyone, including kids, to pay for what they need and save up for what they want. We want kids to establish the habit of creating and using a budget to guide their money decisions.
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What will my kids learn with the Money Wizdom program? |
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Kids will learn that it is smart to build a plan that lays out what to do with their money and to use it to guide their money decisions. A “good” budget allows them to pay for what they need, save for what they want, face the consequences of spending choices and to control the urge for instant gratification. They also learn to make better money decisions and gain experience and insight on the value of giving to others.
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Can my young kids really manage a budget? |
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Yes. Kids as young as five can manage a simple, age appropriate budget that helps them learn a balanced approach of spending, planning, saving, and sharing their money.
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How much money do I let my kids manage with Money Wizdom? |
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We start your kids managing a portion of what you already spend on them today.
We put together a simple worksheet to help you understand what you are currently spending on your kids right now and how to calculate how much to let them begin to manage. Download the Quick Start Guide and use the pay worksheet to help you determine the amount you will let them manage.
Because all families are unique and have different needs, you must ultimately decide what amount you can consistently give to your kids each week, so they can practice managing the four-part budget on an ongoing basis.
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Times are tight right now, how much will it cost us to do this program? |
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No new money is needed to put your kids on the Money Wizdom program. The program instructs you to let your kids manage a portion of the money you are already spending on them today. And we guide you how to figure out the right amount for your family.
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If I only give my kids a small amount of money to manage, how will it really teach them anything? |
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We find that starting kids managing a small budget teaches them how to make better decisions, plan how to spend their money, track what they do with their money, and gain confidence by taking on new responsibilities. It’s much like taking baby steps before they learn to walk.
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As a parent, do I let my kids pay for their wants only? |
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Yes. Your kids will be responsible for managing money for their wants. You will continue to pay for the things that support their basic needs, such as food, clothing, housing, transportation, cell phones, utilities, etc.
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How do I help my child determine which items they can spend their money on? |
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Sit down with your kids and lay out your rules of what they can and cannot do with their money. Once you set the rules, it is up to them to decide how to spend it. If they need help, you can offer to brainstorm with them, look at items while in a store, or go online to help them come up with ideas.
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What items do I still pay for? |
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We want you to continue to pay for your child’s basic needs. Food, clothing, school, housing, vacations, transportation, gas, and utilities, including phones should be covered in your budget. As your kids mature, we will show them how to take on more budget responsibilities.
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Should I tie my kid’s weekly pay to doing chores? |
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No. We have learned with young kids, it is best to just give them money to practice the budgeting skills and to NOT tie the money to chores or other work around the house. There will be plenty of time to teach them about earning money later.
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How do we allocate the money across the four budget categories? |
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The best way is to use our suggested allocation for a balanced approach to saving and spending.
- 30% in the Save
- 20% in the Plan
- 20% in the Spend
- 10% in the Give
If your family specifics require a different allocation, please adjust according to your needs.
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How often do I pay my kids? |
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We suggest paying your kids each week. Select a day of the week, which you set up as payday. Kids like consistency and will appreciate (and probably remind you if you forget!) your sticking to the same day of the week.
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Does my kid have to use all the money in each part of the budget each week? |
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No, and here is a quick set of guidelines:
- Save money is not to be spent. We suggest once a month you take your kids to the bank to deposit the money. This will reinforce the notion that their money is growing (and may even be earning interest).
- Plan money should be spent when savings goals have been reached. For some kids this will be in two days, for others it will be four months. And remember, once the first goal has been met, help your kids set a new one.
- Give money should be spent at least once a quarter. It can be spent much more frequently depending on what causes your kids decide to support.
- Spend money needs to be spent before the next payday.
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Why can’t my kid spend the Save money? |
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The Save component of the budget teaches your kids to pay themselves first. Money Deposited in a savings account, the money set-aside will grow in value over time.
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Can I give my kid an advance on their pay? |
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We would like you to hold your kids to the general program rules. If they do not have enough money or have spent all of their money and cannot complete a purchase, the lesson at hand, delayed gratification, will not be learned. Of course, you always have parental discretion to “break” the rules once in a while.
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My kid spent all the Spend money. Now what? |
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Kids need to learn that there are consequences with the choices they make with their money. They will have to wait until their next payday to replenish their Spend money.
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If my kid forgets their Spend money when we go shopping, should I lend them some? |
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We suggest no. It is your kid’s responsibility to remember to bring their money with them when you go shopping or are planning to make a donation. Of course, there will be times where your parental discretion will apply.
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What do we do with the money being saved in the Save category? |
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We suggest opening a savings account in your kid’s name, if they do not already have one. Take your kids to the bank regularly and let them get used to depositing their own money.
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How do we decide to use the Give money? |
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Ask your children. They probably already have ideas on how they can help make the world a better place. We recommend finding a local charity or non-profit organization in your area. That way your kids can make their donations in person and see for themselves their money in action. Young kids learn more by doing rather than watching you write a check to a charitable organization.
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My two kids are impossibly different! One is a big saver and the other can’t hang on to a dime for a day. Help! |
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EEach of us is born with a preference to spend or save. Research shows that this preference is not likely to change radically over time. However, we can be taught to temper our preferences and adopt a more balanced approach when using our money.
The Money Wizdom program is designed to help kids learn a balanced approach to managing their money. With repeated practice, spenders and savers will begin to see that the other “side” is okay. We find, over time, that kids understand the consequences of their preference, and get better at a more balanced approach – waiting for the spenders and spending a bit more for the savers. Be patient and keep taking your kids back to the idea of balance.
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Q. We all have a hectic life with lots of activities. How do I make this program fit in? |
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The program is designed to fit into your schedule. Think about your daily routines and when it’s best to have the kids spend time planning or to take them shopping. You decide. Strive for what will be sustainable and manageable in your real-life schedule.
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How does this program help me teach our family values about money? |
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Your kids will learn or pick up on your money values by watching what you say and do and by talking with you about money in your day-to-day life. Make the time to explain why you are making the decisions you are making around the use of money. Don’t keep it a secret. Share past mistakes/lessons so kids feel that it is okay to make money mistakes and learn from them. Make talking about money a real part of your every day life, and your values will become the foundation from which you all talk and act with your money.
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