Adding Up the Reasons to Teach Children About $$$

Think about how many times you have seen a child harangue a parent at the checkout line, begging and whining about “needing” some perfectly positioned treat or toy. Well-rested, unstressed parents simply smile and ignore the beggar at their knees, sticking to their family rule about eschewing impulse buys. The rest of us? We reflexively give in because we are just too tired to argue and/or leverage yet another teachable moment.

But when you add financial literacy to the family toolbox, you won’t need to argue nearly as much.

That’s why I sat down with a friend and expert in finance who has coached over 3,000 people through bankruptcy. He knows the value of financial literacy – and the downside of ignoring this crucial life skill first-hand – and he agrees that it is never too early to start teaching our children about money.

He shared his three-step approach with me, which I’ve filtered through a parenting lens. But first…let’s turn that lens on ourselves and explore what a good parental mindset about money looks like.

BE CONSCIOUS.  Before we can teach our children about the value of money, it’s critical that parents are clear about our own relationship with it. Here’s how:

Know your values.  Being clear about your parenting values is the first part of the consciousness-raising equation. Your values serve as a sort of built-in parenting guide, so extending those values as part of your decision-making around money will make every financial choice clearer and easier. For example, if your children’s education is an important family value, you know you will need a plan to save enough to pay for private school and/or college.

Be mindful of emotions.  Be attentive to emotional spending, which gets many parents in trouble. Impulse buying, whether in the checkout line or online, can easily blow a budget – and you won’t even remember where the money went (or probably have anything to show for it).

Communication is central to being conscious about money. Have ongoing conversations about financial compatibility and financial decision-making with your partner. With financial infidelity on the rise, you also want to be sure that you and your partner are a money match. Don’t wait for a problem to arise to discuss financial issues because it can make the conversation unnecessarily dramatic.

BE DISCIPLINED.  Start with an assessment of your needs – and be sure to separate your needs from your wants. An assessment can also help you identify short-term, intermediate and long-terms goals. A simple assessment begins with tracking all your expenses (fixed, variable and periodic) for several months so you get an understanding of where your money is going.  

Make savings a family affair. Let’s say you need to save for retirement and you’d like to plan for a family vacation this summer. Set your goals and make them explicit. Agree on areas to pare back so that larger goals get met, and then create a spending and savings plan that makes the entire family accountable. Be sure to put it down on paper in black and white. Remember the Chinese proverb, “The palest ink is stronger than the sharpest memory.”

Another important tip: create an emergency fund. People get into trouble when they don’t account for unanticipated expenses like unforeseen home repairs or medical bills. 

BEWARE. We are bombarded with seductive advertising everywhere we go: the gas pump, online, backs of buses, on the train. These retail tricks are designed to get us to open our wallets – and they work! Protect yourselves by being conscious of the ways in which you can be influenced by media and empower yourself to stay on track.

So how does this approach relate to how we talk to our children about money? Let’s take being conscious. What are you modeling for your children? Do you mindlessly toss items into the grocery cart? Does Amazon regularly drop off packages filled with your impulsive purchases? How does your metaphoric checkbook reflect your parenting and financial values?

BE A MODEL AND MENTOR. This is my addition to my finance pro’s advice.

Beyond what your kids observe you doing, begin having an active conversation with them even when they are young. Recent studies show that children as young as 3 and 4 can understand the basic financial concept that you need money to buy things. Believe it or not, they can also learn the difference between the things they want and things they need.

There are myriad opportunities to engage our kids in age-appropriate ways that teach them about the value of the dollar. Give them an allowance and have them allocate their money into three buckets: save; spend; donate. Get children involved in philanthropic endeavors big or small. This could mean having them donate an outgrown toy or coat, a family outing to serve food at a shelter or service agency or coming up with a proposal all their own to present to your family foundation.

Kids will respond to a financial education if it’s consistent. So take advantage of everyday opportunities to involve your kids in age-appropriate financial discussions. Ask them to tally the grocery tab while you’re going through the aisles. Task them with researching vacation destinations when provided with a budget. Make them calculate the tip when you are out for a meal.

When I was a teen, my currency was cash. And when my wallet was empty, I was done spending. I had to wait until the next allowance or baby-sitting job to fill my gas tank or head to the movies. Today’s kids rarely see or use cash. They live in a Venmo, CashApp, and ApplePay world. Most of their financial management is conducted on their phone, not in a bank. This makes financial literacy all the more crucial because money is often invisible to them – especially understanding the difference between debit and credit.

When it comes to kid-specific money strategies, I believe that once a child is old enough to be out and about without parents, they should have a debit card to use for emergencies as well as for expenses that everyone agrees on. With this privilege, of course, comes the responsibility of reviewing their spending with you regularly. If it aligns with your values and you are able to do so, provide teens and college-age kids with a low-limit credit card in both their name and a parent’s. When they are earning their own money, let them get their own credit card so they can start to build their credit rating.

NOTE: Experts suggest separating a joint card from your primary card and opening individual cards if you’re providing this for more than one child. That way if a card is lost or stolen, it only impacts one child – who also gets to experience the natural consequences of not being mindful.

Talking about money and finances with kids should not be taboo. Nor do you have to share the cost of your home or the balance in your savings account to start having real money conversations with your children. Remember, transparency and honesty are not synonymous. You can be honest with your children without disclosing private information that is not age appropriate. 

The most important takeaway is to start teaching financial literacy to children as early as possible. It is never too late to start and the benefits are huge and relevant for their lifetime.

 

3 Step Response to the Teenage Distress Text

Back in the day (as a 70s-era student), when something happened at school – my feelings were hurt, I’d aced a test I’d been nervous about or I wanted permission to go to a movie with a friend – I had to wait until I got home and saw my parents to talk / boast / ask permission, as the case required. Or what about when I was homesick at summer camp? By the time my parents received my snail-mailed letter bemoaning my fate, my sadness was long gone and I was cavorting with my campmates.

These days, texting places a direct line to parents in the palm of virtually every kid’s hand. And many parents have unwittingly made the mistake of buying into the cultural (and child-driven) expectation that communication should therefore be instantaneous and immediate.

 Not so fast.

It’s important to recreate the distance between the onset of a child’s every problem or negative emotion and our instinctive and understandable drive to fix it. Let’s face it: our children aren’t in dire jeopardy when their feelings get hurt or if they’re disappointed in their performance on an exam or on the soccer field. So how can we, as parents, best help our kids?

If your endgame is to help your children learn to navigate unpleasant experiences and feelings, don’t miss this all-too-frequent opportunity to help them develop resilience and agency using this 3-step approach:

1.    Acknowledge but don’t engage

2.    Empathize rather than escalate

3.    Encourage insights that leads to self-efficacy

Acknowledge but don’t engage. Some modern parenting approaches make parents feel that to prove their devotion (and fitness), their job is to be their child’s ally at every turn. But when we react to a child’s text by immediately soliciting more details or instinctively siding with their point of view, we not only shortchange what should be a face-to-face encounter, we run the risk of escalating their emotions or anxieties.

By all means, if your children text to tell you the teacher hurt his feelings or her best friend snubbed her, acknowledge the situation with a short response that promises more conversation later. It’s important to ensure your child feels heard and can count on your support, but not wise to engage in an emotionally charged text dialogue.

Plus, when we give the situation time to simmer in the child’s mind, they just might come up with a solution themselves.

Empathize rather than escalate.

To a child (of almost any age), a small slight can sometimes feel like the sky is falling. It’s an age-appropriate response. But as parents, we should not match their hysteria or emotional temperature. Our job is to acknowledge our children’s pain and give them something their minds aren’t yet capable of delivering: perspective.

By over-identifying with our kids’ emotions or probing for hidden motives by their friends / teachers / coaches, we keep children stuck in the problem. Empathize and be supportive, but ask the types of questions that help them see the bigger picture. Simple phrases such as “Tell me more” and “Why do you think that happened?” gives kids the opportunity to unpack the experience so you can help them identify the salient issues and their role.

Encourage insight that leads to self-efficacy. It’s easy to point the finger and make others responsible for our feelings. It’s typical for children to blame others and feel victimized. But psychologists note that each time a parent swoops in to fix a problem or mend a relationship for their children, they push them one more step away from self-knowledge and self-efficacy.

As a parent with perspective, your role is to help your child identify how they may have contributed to the problem and the steps they can take to amend it. For example, ask questions that probe their part in the drama. See if this is a situation that has occurred before. With that information in hand, the two of you can brainstorm about what is in the child’s control. How can they be empowered to amend the situation by changing their own behavior?

This is also a great time to model how you’ve reacted to a problem at work or with a friend. Knowing that Mom and Dad also deal with challenging relationships and negative emotions – and lived to talk about it – gives children the courage to give growing up a try and figure out the solution themselves.

In the end, we want to build resilient capable kids who will remember to text every once in a while after they have left home because they want to say hello, not because they have a crisis for us to solve.

3 Things Every Family Needs

Family – at least the construct traditionally defined as two opposite-sex parents and their biological children – was considered the norm (and by extension, the “best” for kids) for most of the last century. But no longer.

The notion of family has moved away from rigid structures and defined roles, morphing and expanding significantly. From step to extended, blended to adoptive, gay to single, multi-cultural to co-parent…what makes a family the best one for children is one in which there is the greatest amount of three vital ingredients: love, safety and acceptance.

And it doesn’t matter which adults that love and acceptance comes from. Of course kids need what “parents” can do and contribute to children, but you don’t need a “mom” and a “dad” to take optimum care of children and give them what they need to become healthy adults.

I’m not saying traditional families aren’t valuable or sound, but its not the only way to parent intentionally or effectively. No matter your current situation, it’s always a plus to invite other people into your family circle – through your community, church, school or other affiliation – who can help you create the type of family you know is best.

I tell my kids all the time – still – that the rest of the world can say all it wants about them, but they can count on the fact that our family will always be the safest place on earth for them.

And just for the record, our family isn’t just the 4 of us.

For starters, it’s me, my 3 young-adult kids, my ex-husband and our two extended families, which include stepsiblings. Add to that my ex’s wife, her parents, my boyfriend and his family, plus a coterie of adult friends and their kids who have been welcomed into our family (and us into theirs) over the years, and you get a sense of just how broad my notion of family has become.

Here are a few real-life examples of how that works:

Because of my ex-husband’s schedule, he was unable to attend our youngest’s recent parents’ weekend at college. So his wife joined me instead and the 3 of us had a great time exploring the campus and town together.

Then there’s our holiday plan. Since there is a finite amount of time all 3 kids can be together over the winter break, we’ve decided all of us, including the kids’ father and his wife – will go on an unbelievable cruise to Antarctica together! 

This one I just love: A couple of years ago, my youngest son Quincy and I were at an event and we were introduced to a gentleman. When he found out my son’s name was Quincy, he said, “How unusual! You’re the second ‘Quincy’ I’ve heard about this week.” It turned out that Quincy had sent his stepmom an email requesting donations to a charitable organization with which he was engaged. She had forwarded it to her father. “Grandpa” not only made a donation himself, but he forwarded the email to his vast list of contacts. The man at the event? He was one of those contacts and he, too, made a donation to Quincy’s cause!

So if you feel constrained by society’s once-meager definition of family – broaden it! For sure, kids need what “moms” and “dads” can do and give to them – but those roles needn’t be defined by gender or biology. So go ahead and welcome in trusted people who will model and bestow the love, safety and acceptance every child needs to become a loving and accepting adult.

There is so much in life we cannot control – but we can control who we let into our children’s lives and our homes. The best part about it is that we each get to choose who’s in our family, making sure our kids get the maximum amount of love, safety and acceptance available.

Now that’s a family I want to be a part of.

 

Thankful for Friendship

Gratitude is a big part of my life and my happiness.  I spend time actively thinking about what I am grateful for and find the practice lifts my mood and enhances my life. Thanksgiving provides an opportunity to write about gratitude; this year I am thankful for friendship.

I have collected friends my entire life.  I met my oldest friend in kindergarten and we have shared a 46-year friendship (and counting). I have an amazing group of friends from middle and high school who know the secrets of adolescent shenanigans; college friends who helped edit papers and now read my blog.  My friend from graduate school who I connected with on day one has remained my friend for 26 years. Friends met through my children; friends made while volunteering in my community; family members who are also friends; colleagues that became friends.

Friends are the family you choose.  And I have chosen well.  My friendships have sustained me through the hardest times in my life and added to my joy in the best times. My friends have stood by me; taken care of me; laughed with me and cried with me. Friends have challenged me to be my best self; helped me see the light at the end of the tunnel; hated my enemies.  My friends have loved my children; supported my ideas; answered my calls.  Friends have given me the benefit of the doubt; forgiven bad behavior; agreed to disagree.  My friends have championed my efforts; celebrated my successes; acknowledged my feelings. Friends have lent an ear, offered a shoulder, and provided a hug. My friends have enriched my life beyond measure.

And…my friends have made me a better mom.  Thank you for loving my children like your own.  Thank you for seeing their strengths and challenges; for celebrating their successes and supporting them when they have struggled.  Thank you for being adults they can count on; thanks for being advisors, mentors and role models.  It takes a village and I am profoundly grateful for mine.

Thank you friends.  Happy Thanksgiving!

Smartphones Can Contribute to 'Dumb' Parenting

According to a body of research increasingly robust in in the last 5 years, it appears a collective parental wake-up call is in order. Although researchers are still studying the effect of screen time on children, they’re now turning their trained eyes on us to see how our tech habits impact our parenting and our children. While no researcher is claiming causation between parental smartphone use and poor child outcomes, there is enough correlational evidence for parents to take notice.

·      Frequent social media use is one of the risk factors for “higher levels of maternal depression

·      According to the Center for the Digital Future, people report feeling “increasingly ignored by others in their own family households because of smartphone use”

·      A 2015 study of caregivers and kids on playgrounds demonstrated that children have a harder time getting the attention of parents distracted by smartphone use

·      Even teenagers – who you’d think would be delighted by distracted parents – reported “less parental warmth” and 11% said they “struggled quite a bit or a great deal to get their parent’s attention when their parent was on their cell phone or tablet” in a 2017 study

I raised my three now-young-adult children pre-digitally. These days, its fairly common to see a dad at the playground, benched and engrossed in his phone while a child desperately tries to get him to witness their feat on the monkey bars (admittedly, for the 10th time). Equally distressing is seeing moms pushing prams or strollers, deeply engaged in conversation with someone on the end of a headset rather than with their small child.

Frankly, I get it. Although I was late to the smartphone game, and was initially mystified when told my phone could take pictures - why would I need a phone to do that?  (I currently have 43,963 photos on my phone!)  I am very dependent on my phone and had to add an external case to get through the day. The other day I walked into the office building where I had a meeting only to realize I had left my phone in my car. Given my level of distress (“OMG, I don’t have my phone!”), you’d have thought I’d left a toddler locked in the back seat.   And yes, I went back to get it.

If ever there were a moment for intentional and mindful parenting, this would be it.

There are vast bodies of research on early-child brain development that point to the vital link between parent-child conversation and language development. As a young mom, I considered every walk and outing a chance for a complete conversation with my kids. Even when kids are pre-verbal, there is tremendous value in little ones being part of the conversation. As I found, it’s never too early to begin describing the wonders of the world they’ll soon come to talk about first-hand.

Famed child development researcher Dr. Edward Tronick spent his career “trying to put his feet into the shoes of an infant” to better understand how they function in the world. His research shows – in achingly painful detail – what children experience emotionally when parents aren’t responsive to their attempts to connect and communicate. Infants, even newborns, he says, endeavor to “make meaning about the world.” And they’re looking to us to help them.

So – given the stakes - what’s an intentional parent to do?

Inventory your tech habits when you’re with your children and take objective note of what you find.

Remember that this is about your kids’ well-being, not your (or your employer’s) needs.

Be mindful about what we – and our kids -- lose if we’re not present and available when we’re with them.  

Pivot. If you’re spending too much family time otherwise distracted by your phone, make and set some rules for yourself – and stick to them.

Finally, know that we are always modeling for our kids – even when we’re engaged in behavior we don’t want our children to emulate.  So be mindful of what you do, and teach your children by example.  Remember, its never too late to do better!

My First Podcast

I had the great privilege and pleasure to join my friend, Teri Turner from @NoCrumbsLeft, to do a podcast on parenting. Teri is an extraordinary food blogger, chef, and mom; she shares so much of herself through her Instagram stories, her blog, and her podcasts. I was invited to join her to talk about my practice, my philosophy about Intentional Parenting, and our shared paths through divorce to effective co-parenting and more.

I hope you will take the time to listen in!

Click the link below and select the “Intentional Parenting” podcast.

INTENTIONAL PARENTING PODCAST

Intentional Parenting

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In my first-ever ELI Talk presented live at Repair the World in Detroit, MI on June 19th, I shared my journey from the initial days of motherhood – completely overwhelmed, frustrated and exhausted – to my current life as the successful parent of three young adult children.

While my blog generally presents a secular perspective on parenting with intention, I wanted to offer my practical experience and professional grounding in intentional parenting through the lens of Judaism. In this short video I explain how mastering the “pivot” is one of the most essential skills any parent can possess.

Are Your Kids Ready for High School? Are YOU?

Parents…being the smart, mature and capable adults we are… likely think we’re aces when it comes to preparing our teenagers to begin or return to high school this month. And we’d be right.

What we might fail to do, however, is prepare ourselves for the ongoing rigor of helping teens navigate the newfound independence of high school without losing sight of our parenting values – or our commitment to intentional parenting. So here’s a primer for just for you!

Stay out of the way but not out of the picture.  High school is the time when teens need to build self-efficacy and resilience – in matters both academic and social. When parents rush in with a fully realized solution at the first blush of conflict or struggle, it undermines a teen’s ability to figure solutions out for themselves. So give them appropriate tools and language and let them have the first pass at fixing a problem they’ve encountered. After they’ve tried, failed and reached out for more support, then you can intervene with alternative solutions.

Of course there’s a middle ground, here. You want to give them the autonomy to flex their problem-solving muscles, but stay present enough so that you know what’s going on. Regarding school, for example, many parent portals let you set a threshold for when you’re to be notified of dipping grades or problematic behaviors. So stay present…just don’t hover.

Another way to help your kids develop adult chops is to exercise your listening skills more than your talking skills. Sometimes, kids just want and need to vent. When you reflect back to them what they’ve said, they might just find the answer themselves.

Get OK with not being the “cool” parents.  Recently a client expressed concern that he’d lost control of family time this summer once his son graduated from middle school. His son was “informing” his parents about his weekend plans – as if he was the boss of himself.  Adolescents navigating greater social freedom and increasingly central peer relationships still need to ask, not tell, parents about plans.

When kids are 14 – parents are still the boss. And while it may not be “cool” to insist on knowing where your kids are, one of the unspoken pacts you made with them when they were born is that you would keep them safe.

Whatever your family rules are for being kept informed about where and when, it’s important that there are consequences for kids who veer. It’s enough to say, “If I can’t count on you to be where you say you will be, then you’ve forfeited your privilege to spend time with your friends next weekend.”  Many kids will learn that lesson with just one correction, but be prepared to have to dish it out more than once if necessary.

The start of high school is also a prime opportunity to restate your values regarding the importance of family time, too. Most every parent wants their kids to have good times with their friends, but it doesn’t need to be at the expense of family cohesion. Now is the time to restate that – aloud. (This, too, will likely bear repeating)

Bottom line, transition back to school is hard – for teens and parents. Staying flexible, being observant, pivoting when necessary and listening to your teens will go a long way to making the school year manageable and enjoyable for all.