Should you give your kids a salary?
On this episode, we talk with coach Rachel Murphy, author of the book “I Am Not Your ATM: A Practical Plan for Teaching Your Teen to Manage Money.”
Rachel and her husband give each their five children a salary and expect them to take care of their own expenses. They don’t do it all at once, but gradually, so by the time their kids leave the nest, they can manage their money well because they’ve been doing it all along.
Rachel says it is great not only because it helps kids learn money management skills, but it also reduces stress around money between parents & kids.
We also talk about meal planning, automating your financial life, and while saving is a top skill to learn as early as possible.