Do you want to start a garden this year, but are you've been bad with plants? Here are my best tips on how to design and grow an easy garden!
Learning to Grow a Garden
Before we get into gardening, I want to be upfront about something- I used to be the person who kept cacti around because it was the only plant I could keep alive.
It's true.
I am not someone who naturally has a green thumb. This is something that I had to build up from and learn.
Good news, though, is now I'm hunting through seed catalogs each season, picking out what we're going to grow. I enjoy seeing how much of our own food we can grow from the garden.
Obviously, this was not an overnight process, but surprisingly, it wasn't as hard as I thought.
A key part of me enjoying gardening is by starting off small and going with easy to grow plants. With some small, but powerful wins I was motivated to dive into this new hobby that I love.
The good news is if I can do it, you can do it.
If you are thinking of starting a garden, but you're worried about your skills or if it's gonna be a lot of work, I want to help you out.
I want you to have an incredible and awesome year of gardening without a ton of hassle. So in this episode, we're gonna get into how to design your garden so that it's productive. Yet easy to How to decide which plants to grow.
And some of my favorite garden tips to get you started on the right foot. We have a lot to cover. So let's get started!
In this episode, we’ll get into:
how to design your garden so that it’s productive yet easy to maintain
how to decide what to grow
some of my favorite garden tips to get you started on the right foot
Hope you enjoy!
Resources to Easily Jumpstart Your Garden
If you’re ready to start growing your garden, here are a few of my favorite resources and includes what we covered in the podcast.
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Elle Martinez: I hope it’s not shocking news to tell you that eating more at home is both a wallet and waist saver.
One way you can set yourself up for some food wins is by making sure your kitchen is stocked with the essentials so you can whip something up fairly quickly.
Nope, you don’t need a ton of fancy tools or ingredients. Actually one of the best investments you can make is typically some of the cheapest items you can pick up at the store – spices and herbs.
Note: You want to save even more and have something fresh? You can also grow your own, either in a back yard garden or in container pots around the house!
Shanah Bell: Spices and herbs for us said the biggest thing that a lot of people don't think about that we use as staples are a diverse blend of spices.
We have a huge cabinet full of a lot of different herbs and spices because there was not a lot of nutritional value and do different things for your body and your overall health but they completely change what a dish can taste like.
So even if you're making some like rice and beans and rice and beans happen to be things that we keep on hand it can be done here one day to the next depending on what spices we put in there and what else we put in and it can be a completely different meal.
Elle Martinez: This may seem like a small tip but I can not overemphasize how important it is to have these essential ingredients in your pantry.
You can have a dish – Shannon mentioned rice and beans – but by changing the urban spices you can have several different dishes and mix it up every week.
Thinking Like a Chef
Another related idea and tip that you can use when you're shopping?
Think of items that you can use in several dishes.
I'll give you an example of three kinds of categories of food where it's the same thing on paper but when you're cooking it can be completely different each time. Pizzas tacos and stir fries
I'm just going to use Chipotles and as an example, we're going with tacos.
Yes, it's a simple dish but depending on the meats the vegetables even the seasonings that you use it's like a different meal each time.
So when you go grocery shopping don't get items that you can only use for one meal for the week actually go for items that you can use repeatedly.
If you have the herbs and spices to mix things up it will help. You not only save money because you're getting that discount buying in bulk but also reducing waste.
Elle Martinez: You can really make a lot of different things on your own with herbs and spices for example.
Support the Podcast!
Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.
Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!
Music Credit
Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere.
Can parents pursue financial independence with kids at home? Today we’ll go over the five biggest myths and show how you can enjoy parenthood and FI!
Are CoastFI and Parenthood Compatible?
Even before we were familiar with the term financial independence, we were intrigued about this idea of gaining flexibility and freedom.
When we were first married, we had two immediate financial goals – getting rid of the car loan and building our emergency fund.
Our car payment wasn’t a huge burden, but seeing that money going out month after month..ugh..
Not having that weighing our budget down was one benefit, but then there was also this potential in the future.
What if we used that money for things we actually enjoyed and really wanted – travel, a house, or starting a business?
So I started digging into personal finance blogs and found books like Total Money Makeover, Automatic Millionaire, and The Money Book for the Young, Fabulous & Broke.
Taking what I learned, we came up with a plan to pay off our debts and grow our financial cushion.
Don’t get me wrong, seeing our net worth go from negative $30,000 to the positive side felt great. The real pull for us, though, was not how much money we can stash away or how fast we can hit.
We loved being in a position of having options. Like leaving a bad job. Becoming an entrepreneur.
During this time, we discovered financial independence, with that classic book – Your Money or Your Life.
There are some wonderful benefits with discovering the FI community. Many in the space love swapping ideas about what’s worked for them.
Hopefully like you’re doing now, we listened to stories and picked a few ideas to try out.
Some worked really well, some needed to be adjusted for our circumstances, and some didn’t work. Either our situation was too different or honestly, we didn’t enjoy it.
The ones that didn’t resonate with us usually came from this segment in the community who had very specific ideas about financial independence.
Both with what it was and what it wasn’t. One complaint I kept seeing was how hard or in some cases impossible for parents to hit FI.
I believe that belief is not just discouraging to parents, but really misses the actual resource financial independence is about – time.
Finances can be a tool, not the goal. We're more focused on quality of life and having options.
So today I want to wrap up this series of episodes before our summer break and discuss how you as a parent can work towards your FI goals while enjoying the journey with your kids.
In this episode, we’ll get into the five biggest myths around financial independence and parenthood.
Are you ready?
Let’s get started!
Resources for Parents Interested in Financial Independence
If you're looking to get ahead with your finances as a family, here are some resources to check out!
Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.
Slash Your Phone Bill with Republic Wireless!
Special thanks also to our new sponsor this season -Republic Wireless.
If you’re looking to hit your family’s financial goals faster, optimizing your expenses is the way to go. Chances are you’re paying too much for your smartphone and not getting the value you deserve.
Same thing happened to me years ago. Wanting to become debt free faster, I switched to Republic Wireless and saved big time.
Nationwide coverage, fantastic phone options like the Samsung Galaxy and Moto g, plus seriously affordable prices (plans start at $15/month!) make it a smart choice for families looking to save without sacrificing value.
5 Biggest Myths About Financial Independence and Parenthood
Although I believe that all families can benefit from including key FI principles into their finances, it’s not a one size fits all approach.
These myths that I see and hear can be discouraging and stop people from even trying to pursue their dreams.
In some cases, it’s debunking, but it also clarifying some concepts.
I’ve seen how this focus on making things short and catchy for social media distorts or confuses people about financial independence and making it their own.
Myth #1: You Have Live Like Paupers to Retire Early
I think this is a huge turn off for many families.
You have to cut things down to the bone to be able to retire early. And that's not the case. The truth is however with financial independence it is a mindset shift. You absolutely have to be more mindful of your finances, schedule, and goals.
That means you're going to make decisions that are different from other people.
You do need to be conscious of your spending.
Your Essential Expenses: How much money do you typically spend each year? What are your usual monthly expenses?
Your Savings Rate: How much are you saving and investing each month?
When you're aware of both numbers you can then start on a plan to build up your savings rate and get you to FI faster.
Myth #2: Raising Kids Will Make It Impossible to Pursue FI
USDA estimates that it takes $233,640 to raise one child to an adult.
Not counting college.
Breaking it down annually, that means according to the USDA you’re spending around an additional $13,743.
Years ago, I wrote an article that challenged some of those assumptions. You can read my take here, but here are a few key points.
Assumptions about food, housing, and
The biggest chunk of money for most parents I spoke to is daycare.
Parenthood and financial independence aren’t mutually exclusive. It does take mindful prioritization and budgeting.
Myth #3: Only Rich People Can Become FI
First off if anyone tells you that income isn’t a factor, that’s a lie. Having more income can certainly help. However there are plenty of people who:
Make some good money, but still live paycheck to paycheck Have more modest income, but have done a fantastic job stashing away
While income is a factor, it's not the main one when it comes to financial independence. It goes back to your savings rate and that gap between your income and expenses.
Myth #4: College Savings Will Kill your Retirement Savings
Two things to consider:
You don’t have to pay for your kids’ college.
Thank you for coming to my TED talk.
Seriously though. I’m not that old, but the price of some universities has gotten ridiculous. And for what?
One study found that 43% of college graduates are underemployed in their first job.
The second thing to think about is how college may not look the same or be the path your kid takes.
Certifications can give them the skills and training they need. They may also want to pursue trade school, which can be both fulfilling and financially rewarding.
If you do decide to help your kids with educational expenses, it doesn’t mean you have to sacrifice your retirement or financial well-being.
It does mean guiding your kids towards being more mindful and intention with their education. Which I think serves them better in the long run.
Myth #5: FI is About Never Working Again
There is a big subset of financial independence called FIRE which is financial independence, retire early but financial independence iis a much larger space that group.
There are some who do want work after they hit their FI number. However they want freedom of choice in deciding what kind of work that is. It could be a profitable business, volunteer work, or something seasonal.
I did an episode on the different paths within financial independence, which I’ll link to in the show notes.
For us, CoastFI made the most sense. So the kernel behind it is that you’ve saved enough so you could retire at a traditional age even if you never add another cent again.
That’s money tucked away in tax advantaged accounts like 401(ks) and IRAs. With that milestone out of the way we have a bit of stress taken off our shoulders.
We have more flexibility with work and other choices. It was especially helpful last year as our girls did remote learning. With both of us working from home, we’re grateful we could make it work.
Not going to lie, there were days and weeks when we were trying to find our footing, but it was worth it to us.
So yes, you could retire early – if you want. There are plenty of options you can choose. Make sure that it's based on your family and priorities.
There you have it – the five biggest myths people have about financial independence and parenthood.
Key Takeaways for Parents Pursuing Financial Independence
Before we wrap up, I want to focus on a few key takeaways I got from preparing this episode.
Define what financial independence means to you.
Know your numbers.
Develop your plan in stages and on the season of life you’re in.
Who doesn’t love a good DIY home project? But how do you take what you see online or on television and translate that into your home, especially when you are not naturally handy?
Today, we’ll look at what you need to know to get started and build up your DIY skills!
As I mentioned last week, I wasn’t a natural gardener.
My first attempts are pretty bad keeping plants alive. I ended up going with cacti and fake plants inside the house for a few years.
By starting off small with a little front patio garden. I began to get some practice and to learn some skills. And I would not call myself a garden expert.
Now I’m really proud that we have a space out back where we can grow the vegetables that we enjoy and love.
I feel the same way about DIY.
Neither one of us are naturally handy people, but when we became homeowners, we out of necessity had to learn some skills. Not only so that we can save some money, but turn our house into our home.
If you’re thinking of taking on some home projects, but you don’t know where to start, then this is your episode.
Whitney Hansen, who’s the creator and host of The Money Nerds podcast is here today.
Support for this podcast comes from Coastal Credit Union. If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today!
We’ve been members for years and love their service and competitive rates on checking and savings accounts!
Key Takeaways with DIY Home Projects
Here are a few key takeaways from today’s episode!
Start where you can. With Whitney, flooring was one of her first projects. You may be more along the lines of us, where our project was painting. It may not sound like much but you can always build up. Fixing up furniture you find at yard sales or thrift stores. repairs around the house, including your gadgets are ways to practice and develop skills.
Run the numbers and outline the project. Whitney mentioned she kind of wings it, but she also mentioned breaking the projects down. Even if you hire a contractor, it is really beneficial to be familiar with the overall process so you can make sure you’re getting a good deal and paying them fairly.
Safety first. An additional benefit of breaking down and understanding the process is knowing your limits. It’s not worth saving money for your safety in jeopardy. Whitney is comfortable with some electrical work in part because she had an electrician show her the ropes. For us, we’ll do some plumbing, but will call for electrical work.
There’s so much we can chat about, so come join in our Facebook group Thriving Families.
We’re there to support one another with our family and financial goals. I’d love to share any tips I can and I know there are others too.
We’d love to see you there!
Support the Podcast!
Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.
Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your rating and review on Apple Podcasts.
Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!
Music Credit
Our theme song is from Staircases. Additional music by various artists from Audiio.
Just because we’re at home doesn’t mean we can’t still be frugal foodies.
Today, we’ll look at how you can jumpstart a garden and start making craft brews at home!
Frugal Foodie at Home
Frugal foodie is back! If you’re new to this series, it’s where we explore ways you can eat well without breaking the budget.
For some though, when you hear frugal. It means cheap. I get it. Maybe, you know, someone who brags about getting the absolute lowest price on everything. Whether it’s good or bad.
While you can save money being frugal, the real focus is getting the best value.
When it comes to food and really life, he don’t want to settle for less just because it’s the cheapest. You want to get the most out of what you have.
With this series, we look at ways that you can make your dollar go further. We’ve talked about getting great deals on food, whether it’s grocery hacks, meal planning, or even going out to eat.
Today, we’re going to look at another way you can enjoy fantastic meals and still keep things affordable.
We’re talking about gardening and home brewing.
What was interesting was how incredibly relaxing these hobbies, where especially last year.
Many of us had more time at home in the usual options weren’t always available.
Family trips, checking out the museums or festivals were all off the table. We had to find ways to keep ourselves busy and have some creative outlets.
For us that included making home brews and being out in the garden.
We had home brewed years ago, but when we had two toddlers at home, it became more of a hassle so we took a hiatus.
Thankfully, we still had the equipment in our basement so when we felt like starting that back up last year, it was fairly simple.
The other hobby gardening is something we’ve been working on year after year, especially with this house. We have our main space Outback, where we grow hot peppers, tomatoes, different green strawberries and more.
2020 was still… you know, 2020, but it was good to have a project to work on.
While I don’t think all of our hobbies have to be productive or optimized, I do feel like there are some great benefits with making and growing your own food.
If you’re really looking to make meals at home, more enjoyable and special, it’s hard to beat something that you grew or made yourself.
Today, we’re going to look at what it takes to get started so the two of you can level up and become frugal foodies.
In this episode, we’ll go over:
how you can set up an easy to maintain a garden in or outside your house
Explore the fun of home brewing craft beers
look at the numbers and see how they come out.
Are you ready? Let’s get started!
Resources to Become a Frugal Foodie
If you’d like to try out your handy with gardening or homebrewing, here are some handy resources to help you get started!
Support for this podcast comes from Coastal Credit Union. If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today!
We’ve been members for years and love their service and competitive rates on checking and savings accounts!
What You Need to Know to Get Started with Gardening
When you’re talking about being a foodie, you can’t ignore how much better dishes are when you have ingredients.
Whether you enjoy meals at home or out, what makes a meal superb is what goes into it. Fresh ingredients, locally sourced are popular trends, but really what’s more fresh and local than what you grow at home?
Even if you focus on just growing herbs, you can elevate your dishes.
So why don’t more of us garden?
I think many of us, which a few years ago including myself, feel like it's complicated or you have to have some sort of natural ability.
Gardening doesn’t have to be complicated.
Once you understand the basics It's a lot easier to build a garden that fits you and your space
But there are several great reasons why you should try it out.
Health and mood boosts. Gardening outside can give you some exercise as you tend to your spot and it can help with reducing stress.
So if you want to get started, here’s how to make things much easier on you.
Before you add anything to your garden space, you have to understand a few key things.
For plants to grow, they need a certain amount of
Sun,
water,
Soil
Depending on what you want to grow, they’ll have different requirements.
If you’ve had plants die on your before, chances are you weren’t able to meet one of those three key ingredients.
So let’s look at how you can set yourself up for success and ways to keep your expenses in check.
How Much Should We Water Our Plants?
I’m going to start with one of the most common mistakes gardeners make – not correctly watering your plants.
If you’re using containers with no drainage for your indoor garden, you’re at higher risk for overwatering. If you’re outdoors, you may not be watering enough.
How can you figure out what’s enough for your vegetables, herbs, and fruits? Check the soil. Using either your finger or shovel gently push aside some soil to see how deep the water has gotten.
Keep your outside garden adequately watered without having your bills through the roof with these strategies.
Focus on the roots. If you’re using a soaker hose or a drip irrigation system, place near the plants’ base.
Water in the morning. Higher chance of getting soaked by the roots rather than evaporated and give time to dry, which helps prevent fungal diseases
Use mulch. You can certainly pick some up at the story, but if you don’t mind waiting, you can get some free mulch by calling your local tree company and see about getting on their list. We’ve gotten two batches of mulch. Using the prices I saw online, we saved almost $1,000 between the two batches.
Reclaim rainwater. We have a rain barrel system that allows us to collect 50 gallons of water. Reusing that water not only saves money, but it’s also environmentally friendly.
Solar Power Gardening
Second key ingredient for garden success is the proper amount of sun.
Full Sun
Sun/Shade
Tomatoes, Okra, Melons, Sweet potatoes, Hot Peppers, Green Beans, Cucumbers, Zucchini, Pumpkins Basil, Lavender, Stevia
Spinach, Chard, Leaf Lettuce, Peas, Radishes, Kale, Arugula, Green Onion, Bush Beans Cilantro, Parsley, Lemon Balm
Soil: It’s Not Just Dirt
One thing you quickly find out when it comes to growing your garden is how much soil matters.
Soil is much more than dirt. In general, all soil is a mix of silt, sand, and clay. When you hear people talking about their soil being clay, sand, and silt, they’re giving you information about the soil texture and the particles.
We have lots of sandy dirt toward the far side. When it rains the water washes parts of it away, exposing rocks and stones. Basically, it’s like a rocky beach.
Closer to the house we’re practically at the opposite end – hard clay. Some areas have moss while others are bare spots.
Not sure what you have? Start with your hands and eyes. Get some of the soil and see how it feels. You can do a few do it yourself tests to get an idea of what you’re dealing with.
You can also do a soil test with a home kit. You can purchase one at your local hardware or garden store. They can give you a ballpark figure about the macro-nutrients Nitrogen (N), phosphorus (P) and potassium (K).
If you want a more detailed analysis, you get your soil tested by your state’s cooperative extension. If you have to pay, it’s usually a small amount (in North Carolina it’s $4 during their busy season which is between December 1 and March 31).
When a clear idea of what your soil lacks or has an overabundance of, you can amend it to address those needs.
Using Compost to Feed Your Garden
Whether you have an outdoor space or your garden is strictly inside, you can improve it by composting.
Composting is pretty straightforward for us. We have a pail underneath the kitchen sink where we put our kitchen scraps and any veggies or fruits that have gone bad.
Every day or so we head outside to add our scraps to our compost piles in the backyard. We use a geobin and a tumblr tucked away behind some trees.
They each hold about 200 gallons (around 12 lbs per gallon) so if we had to buy the equivalent amount of compost from the store, we’d have to pay $720 (basing on a 40lb bag being $24) to cover one bin.
Once it’s broken down you can then use that in your garden. So yeah, doing so good for the earth also means we get to save quite a bit of money!
Easy Plants to Grow in Your Food Garden
Now that you understand the essentials that you need, and your own space, it’s time for the fun part – choosing what to grow.,
I wasn’t joking about being bad with gardening. I used to be a person who kept a cactus because it was the only plant I felt I could keep alive.
Fast forward a few years and now I’m hunting through seed catalog picking out what we’re going to grow. It didn’t happen overnight, but it wasn’t as hard as I had thought.
A big part of what helped me was building confidence and practicing gardening skills with easy to grow plants.
Easy Herbs, Vegetables, and Fruits to Include in your Garden
You can grab seeds for root vegetables. Tomatoes can be less stressful starting with seedlings while growing your herbs from seeds isn’t much of a big deal.
You also want to consider your budget. Seedlings are usually pricier, so you may want to pick and choose carefully.
Grow Your Garden
Hopefully you can see that it can be whether it’s indoors or outdoors, having a garden can be a fantastic hobby that doesn’t have to break your budget
With fresh ingredients you can prepare an exquisite yet affordable meal, the definition of being a frugal foodie!
Homebrewing: What You Need to Know to Get Started
Like many people who have had thoughts of making their own beer, the initial motivation for us was fueled by local brewery tours.
Raleigh has some fantastic spots and we enjoyed hanging out on a weekend trying a new place.
It was funny because at one point during the tour, the guide would usually mention how it got started with homebrewing.
That intrigued us.
After checking online with some sites and speaking with friends, we decided to give it a try.
The good news is that beer really just needs 4 main ingredients – water, grain, hops, and yeast.
While we thought you’d need a ton of equipment to get started, that’s not the case. Of course, if you’re super into this and want to do huge batches, your equipment list may be a lot, but for most, it’s fairly affordable.
The one gallon set up is a great option for those that don’t know if they’d like to homebrew on a regular basis, having a small kit can let you test the waters. It’s also handy if space is limited at your home.
Having enjoyed that we then decided to get into making 5 gallon batches. We decided to look around and price shop for beginner’s kits.
Since we don't always agree on drinking the same beer, we wanted a set up that would allow us to brew two batches at a time.
The time added would be minimal and looking at costs, it basically came down to grabbing an extra bucket.
Thankfully there’s a local brew supply shop right here in Raleigh, American Brewmaster.
Using Recipe Kits to Explore the World of Beer Together
I’m proud of the different styles we’ve tried out so far. We each have our personal favorites and we have a few enjoy together like red ales,
While we have created our own recipes, specifically when we were looking at meads and gluten free beers with our friends, we mainly use kits.
If you’re starting off with homebrewing, using a recipe kit makes the learning process a lot easier.
Recipe kits are prepackaged with pretty much all the ingredients you need to make a batch of beer, including malt (perhaps in extract form), hops, and yeast.
The correct amounts are included so you can simply follow the recipe included and be set.
We use a great local brew shop in the area, American Brewmaster, to grab most of our supplies and I’ve used Brooklyn Brew shop for my one gallon batches.
The 5 gallon brews are very cost effective, with the prices being much better than what we find at the stores.
Using the recipe kits from Brooklyn Brew Shop is not the way to save money.
For around $40, you get the equipment you need and usually a recipe kit mix.
While I believe that you can save money by brewing your own beer, I don’t think you should have it as a hobby if that’s your sole reason for doing it.
It does take time to brew and bottle your beer, which some people may find annoying. However it’s been a fun activity for us to share in as a couple and with friends.
Frugal Foodie: Can You Really Save Money?
Let’s run the numbers.
The best part is not that you’re saving money, but you’re enjoying a hobby that enriches your life and makes meals at home more fun.
Key Takeaways
Before we wrap I want to share some key takeaways from preparing this episode.
Start small. Indoor herb garden or a small lot outside can be fun without a lot of hassle.
Not all hobbies have to be money makers or savers. While you can save money, it doesn’t have to be your main reason.
Community makes it better. While we are home more, these hobbies are a fantastic way to connect with others.
There’s so much we can chat about with gardening or homebrewing, so if you’re into either or you want to get started, come join in our Facebook group Thriving Families.
We’re there to support one another with our family and financial goals. I’d love to share any tips I can and I know there are others too.
We hope to see you there!
Support the Podcast!
Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.
Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your rating and review on Apple Podcasts.
Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!
Music Credit
Our theme song is from Staircases. Additional music by various artists from Audiio.
We also go into how to start the conversations so your kid can begin to pick up crucial money habits and learn how to spend, save, and give wisely.
Because even though money is not the most important thing, understanding how it works can empower your kid to use it as a tool to build a life that they love.
But to help them prepare takes time. Which can be a challenge in itself.
Many of us are living full lives. I mean in our case, this week the new school year has started – virtually for us- and now both of our girls are enrolled.
They have their school schedules, we have our work schedules, and so these next few weeks we’re going to have to test things out and find that rhythm.
And if you have teens in the house, you may feel like time is even further compressed. How do you pass on these lessons while handling your own regular routine and whatever add layers of complexity 2020 has thrown at you?
So today we want to reduce some stress for you.
We’re going to be looking at how you can help your teen prepare for the real-world, specifically finances.
In this episode, we’ll go over:
Five key money skills they need to know
Creating their post-graduation budget
Whether or not they should pay bills while living at home
It’s a lot to cover, but I’m excited. Are you ready? Let’s get started!
Resources to Help Your Kid Become Savvy with Their Money
Here are some of my favorite tools, apps, and resources to get your family working as a team with money!
Famzoo: Fantastic tool that allows you to create a family ‘bank’ system that can make managing allowances easier while guiding your kid from preschooler to teen to become financially savvy.
Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today!
5 Key Money Lessons and Skills to Pass on To Your Teen
First off let’s get this out of the way – this is not a comprehensive list of every money skill and habit teens could learn about.
As much as we want to do our best to prepare them, I don’t think any parent could predict what’s gone on so far in 2020.
And that’s fine.
When I worked on this list and was trying to narrow it down, I had a few things in mind.
One, I wanted to focus on skills that they need as an adult and they could practice and learn at home many times.
Two, I tried to keep these lessons align with skills they’d need to get on and be on the path of financial freedom.
Finally, as we talked about last week on the podcast, parenting is more than teaching skills. We have to lead by example, including being open about mistakes we’ve made and showing our kids and teens they can turn things around.
I think 4 out of 5 you’d nod your head along and agree, but there’s one that may throw you off, but hear me out on it.
Let’s talk about five essential skills teens should know and become comfortable doing before they leave the house.
Creating (and Sticking with) a Budget
Learning to Save for Short and Long Term Goals
Understand How Credit Cards, Credit Scores, and Debt Works
Have an Affordable Plan for their Education
Have Them Work for Pay
Some of these topics are not going to be covered in a short span, so starting early is really vital.
Creating (And Sticking with) a Budget
If they're like most people, you might have to first change their perception of budgets.
Many teens and let's be honest adults see budgets as a restriction. But at its core, a budget is simply a plan to move your money towards what you need and what matters most to you.
making sure you have enough set aside for emergencies and future goals. And then, yes,
having some money that you can enjoy now,
Having your teen understand and be able to create a budget that hits those goals not only puts their finances in a good position, but it also opens up more options for them down the line for whatever goals they may pick up through their journey of life.
Saving for Short and Long Term Goals
Now, the second skill or lesson is helping them learn to save both for short and long term goals. This is something you want to instill in them early.
Saving is a habit that will serve them well, not just with the numbers, but because you're passing on a lesson and plenty of practice time with delayed gratification.
Depending on what path they take, their income may change based on the career that they choose. But if you teach them how to save, that's a skill that they can use for whatever personal or professional goals that they have.
Understand How Credit Cards, Credit Scores, and Debt Works
Believe it or not, having this lesson about delayed gratification ties into this third money lesson that they need to know understanding how debt works.
It may not seem like it makes sense for a podcast that focuses on helping families achieve financial freedom to talk about debt, but there are plenty of money woes and stresses that are tied up into jumping into debt or paying more to get what we want now.
So if you're teaching your child about savings, you should also teach them about how debt works.
You may have very strong feelings about this. You may feel like all debt is bad debt or you may feel like there's good and bad debt, like a mortgage is fine, but having credit cards is bad. And you may have very good reasons for why you feel the way you do.
To really help your team be responsible with finances, sit down with them, talk with them. Why this is so important to you? Why you feel this way about debt?
It could be from your own personal experience. You saw how it hindered your options, added unnecessary stress, or forced you to stick with the job that was not good for you, but you needed it to simply pay the bills and the debts.
The truth is, they're going to be getting pressure to buy now and pay later. And from personal experience and talking with others over the past 10 years about their money mistakes, not understanding how things such as credit scores work really put them at a disadvantage.
In some cases, they made poor financial decisions because they thought it was going to raise their credit score. So you can fight against those myths and misconceptions and arm them with more information so that they can make wiser decisions with their finances.
And look, we can have a real deep conversation on whether it’s worth it or not. I’m actually planning on covering that for the next season, so please send those questions in!
For today, though, I want to highlight, whatever path your child chooses to gain the skills they need for their career, they need to understand the time and financial costs of that path.
When I was in high school my mom and I had plenty of discussions about my options and also how much she was able to help out.
Don’t wait until your kid is a senior to discuss the numbers. Start earlier and make these conversations a part of your routine.
Things to discuss and be open about:
What are you able and willing to kick in for college?
What’s the cost of the trade school, certification, or school they’re considering?
What are the job prospects? Expected Salary?
Is there a way for them to shadow someone in the field?
Having your kid come in with eyes wide open will hopefully help them choose the right path for them.
Have Them Work for Pay
Do you remember your first job? My first job was being a data entry assistant for a real estate appraiser over the summer.
It was work – I got hired during the busy season, but I enjoyed it and learned some skills.
I know some parents may worry that working can interfere with academics, but unless they’re working crazy hours, your teen can actually be better off having a job.
Time management
Responsibility
Ownership of their money
Making Money instead of spending
Now with the current situation going on, work at an office or at a store may not be the best option.
If you have a family business, you may be able to create a position, but I know many families can’t do this.
Another route could be exploring freelancing and entrepreneurship. Something that may fit your teen is online tutoring.
They could have the technical skills, academic chops, and empathy as a student to be fantastic.
Another benefit to having them work is to give them some insight into skills that they already have and trying out different paths. Don’t wait for a college internship senior year to discover that they actually don’t want to do X YZ.
As teens, they have the unique opportunity to explore some options while they are at home. It may take some creative thinking and effort, but it’s well worth it.
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Music Credit
Like the music in this episode? It was provided by Lee Rosevere and artists from Audiio.
Helping families with kids find the right path and pace to financial independence that fits them
