Economides are awesome! My wife and I have been applying some of these same concepts for years and it has worked out well for our family. Friends and family would poke fun at us saying things like here is Mr. and Mrs. Frugal. But after years of saving and frugality we can proudly say we have no debts and are buying the house of our dreams. Our children are top performers at school and their teachers are always commenting on how smart and well rounded our children are and ask what the secret is to raising our kids. Simple, we don't give them everything they want, they earn their money through chores and pay for their own toys. They are problem solvers that can think for themselves and do not walk around with a sense of entitlement.
I'm with this couple. There's nothing wrong with having children work for their money and learn to manage it themselves. To answer the male host, I don't give my teenaged daughter an allowance anymore. She has a part time job and I'm teaching her to manage her money based on many of the same tenets in the Economides books and other frugal books/websites I've encountered. I also follow things my frugal grandmother and mother taught me. I have the Economides' book America's Cheapest Family: Gets You Right on the Money and it's a great resource! On top of that, I've seen this troubling new norm for parents to give thirteen-year-old kids $300 or a credit card to shop at the mall. It's also the norm to buy still growing kids $200 to $400 sneakers where I live! If 80% of the country is in debt, 60% of Americans live paycheck to paycheck and 6 in 10 Americans don't have $500 to $1,000 to cover an unplanned expense I don't know where people are getting this kind of money to squander on their kids! Not to mention a lot of kids have more expensive cell phones than I do. They also have tablets, laptops, their own televisions in their rooms, 50 pairs of shoes, and expensive birthday parties every year. I feel sorry for many of these kids when they become adults if they don't earn the same kind of money their parents earn. They're in for a rude awakening. We need more Economides!
Silver Sun Doll, thank you for your testimony and kind words. Many people are truly confused about what it means to truly love your children. Many believe that indulging one's children with money and things is a way to love them. They do not understand that this actually hurts their kids in the long run. You have figured this out, We sincerely cheer for you. And we hope America wakes up soon!
Iliana, I don't know how we could be considered rude. Everything we have done is true. We have written 3 books that should all be available at your public library. If you check one of them out, and start reading them, we are sure you will be inspired and find lots of ideas you can try that will stretch your money further and help you to get out of debt if you want to.
The male cohost is definitely being a little snide... But most people who are uncomfortable with an idea tend to make fun of others (really he's just jealous haha)
Loved this! Saving money and doing all that you guys have done (and with 5 kids to boot) is hard work and requires a lot of strategy, but it IS doable. That's why I bought your first book, and I'm waiting on the book on grocery shopping to ship :-). Lol I think some people are a bit jealous that your kids aren't demanding or wanting to take the easy financial way out and ask for the money like theirs.
thanks for your kind words. Kids really do respond well to gradual responsibility. Start young and gradually transfer adult duties to them as they mature.
the male cohost had a bad attitude, with his snide comments! talkin about "send your 3 year old up to the roof!" I dont see you giving the studio audience $50 gas cards!
Roe was really skeptical - mostly because what we shared challenged what he was doing with his daughter. The gas cards were handed out to the audience when they filed out of the studio.
You're so sweet. Thanks for watching. Honestly, there are times we just don't feel that smart . . . but kids are resilient and can recover from our mistakes. The biggest rewards come when our kids go after a goal, persevere through trials and discouragement . . . and reach that goal. Couldn't be prouder!
Hello, I like that you are honest in saying that there are times we just don't feet that smart. Raising 3 good kids was the hardest job I did in my life. It is so difficult to keep to your principle and say no to there demands. I see the adult that they have grown in and am very happy to report that they have a head on there shoulder and do now purchase what is not needed. Bravo to you
These interviewers....Why can't anyone fathom the idea that you don't give your kids so much crap. My kids want all kind of stuff. They are 10 & 6 and have purchased buy their own ipdads, phone, PLANE TICKETS, cameras, etc.! Really, I put it in their hands. And guess what they get it done.
iN 1982, $6.13/h was $15.20/h. With that, and someone cooking for you every night + cleaning your house, and only having half of your student loans, you could easily save money. Idk man. I need help from my parents, because I don't make enough money, not because I am bad with money. I don't make enough money, and it's not from lack of trying.
sounds like you're working hard. with some disciplined money management habits you're going to make it. Do more than you're paid for and soon you'll be paid for more than you do.
MoneySmartFamily I already do a lot more than I'm paid for. :( Unfortunately they are trying to cut my hours, because I do unpaid overtime, and my job gets done plus more in the amount of hours I get paid for. So much for that.... I'm doing the best I can, but I just can't catch a break. I have to work twice as hard as everyone else for half the pay, and I am college educated. I've made every effort to change my situation, but it's just not happening. I am also really good with money.
Interesting. There are loads of ways to save money on groceries! Here is our store with our Grocery book. It's number 2 of 3...moneysmartfamily.com/shop/
