Frequently Asked Questions
Q – What age group is this system for?
A – We aimed this for kids between approximately 5 and 12 years old. In our focus groups we had children as old as 16 excited about using it. This system won’t cover directly many of the things an older child will need but the principles are the same.
Q – How long should I take to get through the workbook?
A – It is completely up to you. You may want to split it up and do different sections on different days. Or sit down once a week with your child and go as far as you feel is prudent.
Q – Is this something my child can do on their own?
A – Sure they could. The system is designed to make it a fun learning experience for your child. However, it might be wise to spend time with them doing this. They need to hear what your values towards money are. Most children will have many questions about money as they progress through the book. It is important you help them.
Q – Should I pay my child an allowance so they can learn money management skills?
A – This of course, is an individual choice. We definitely advocate providing as many opportunities as possible for your child to learn lifelong money management skills. You will need to weigh this with earning money beliefs and such.
Q – How long should my child use the system?
A – As long as they want. The principles are ageless. That’s the point. Obviously older children will need to learn about and use financial institutions and many of the financial instruments we use in today’s society. But the principles from this system will be used for the rest of their life.
Q – Can I just buy the workbook?
A – Yes, of course. However, please keep in mind that the workbook is highly integrated with the rest of the system components. The other components are referred to quite often in the workbook
Q – Is there anything else I should do?
A – We recommend simply making time to talk with your child about what they’re learning. Your input and attitude and time will go a long way on teaching them smart money principles.
Q – What if my child makes a mistake and doesn’t follow the system?
A – Actually this is welcomed as this provides teaching moments for the parent. There is close to no way anyone will be 100% compliant. But it is much better for them to make mistakes now instead of later in life when mistakes could be quite devastating. Patience and understanding is key to helping them get back on track.
Q – If my child has a pouch designated for a certain goal and have been saving for a while, can they change that goal and use it for something else?
A – Flexibility is part of life. This is actually a prime teaching opportunity for a child to learn about tradeoffs. If you’re okay with it – of course. Simply rename the pouch or use a different one.
Q – Do I have to use the pouches for the areas the system specifies?
A – Nope. We’ve tried to identify 4 common areas where money goes and teach kids about each one. If you would rather call them something else or have different areas – go for it.
Q – Do I have to use all 4 pouches?
A – You can use however many pouches you like – less or more. If you need more, they can be purchased from our website.