It is rare that any new book I read prompts me to fire up the word processor, and start making charts. But if you are familiar with “Teaching My Baby To Read” then you know that I love a good token economy system. That’s why The Money Smart Family System by Steve and Annette Economides really sparked my interest.
The bulk of the book is about priorities, prudence, and conveying your own financial values to your children. But the book kicks off with a complicated (but not that complicated) allowance system that goes beyond a mere chore chart. (Hence our new wall decor.) We are going to give this plan a trial run in the Bardsley household starting on Monday. I’ll keep you posted on the results.
I really liked how this book did not come across as holier-than-thou. So many other financial planning entities out there tout themselves as the end-all, be-all of budgeting. Steven and Annette however, sprinkled their book with lots of shout-outs to other big names in the financial planning world. They even mentioned one of our favorite piggy banks, the Money Saving Pig.
The only criticism I had of the book would be that I think teenagers should have more money to spend on clothes (if you can afford it) than what the Economides suggest. Other than that, I was in almost complete agreement with everything they advised.
P.S. I received a free copy of this book from Booksneeze in exchange for my honest opinions and review.