How to Teach Kids Smart Money Habits with Stephen Day

Should you pay your kids an allowance for doing their chores?This week on the Collide Kids Podcast, host Christen Clark sits down with Dr. Stephen Day—economics professor, author, and Christian dad—for an energetic and practical discussion on raising Christian kids who are confident with money, generous in spirit, and purposeful in their spending and saving. Discover how to create “mini economies” at home, teach your children to save in meaningful ways, and use ordinary chores to spark spiritual growth and discipleship in your family.Resources:drstephenday.comBook: Teach a Kid to Save@_paperrobotsWebsite: collidekidspodcast.comInstagram: @collidekidspodClip Finder:Teaching Kids About Value"So it's not just about bugging the parents for screen time. It's about, you know, do I want to save up to get something better later, like a toy, or do I want to spend my money on screen time now?"— Stephen Day [00:09:18 → 00:09:30]Building Lifelong HabitsQuote: "changing your habits can be a little bit intimidating, but kids need to start setting different habits, and it starts with the family practice together so that it's not just deciding at the last second, do we buy this, do we buy that? No, like, you have plans ahead of time. And you're a little more intentional about what you do. And I think the kids carry those habits on into adulthood. I know I did."— Stephen Day [00:09:50 → 00:10:11]The Importance of Skill in Chores "What I find is that chores work better when there is some skill involved. That's something parents often miss."— Stephen Day [00:10:43 → 00:10:49]Teaching Kids Responsibility "You can, right, have categories where you say this work is family work, you do it because it's your responsibility, and this work is your job and you do it because, because kids need to learn the connection between work and money and their choices. It's a, it's a teaching thing."— Stephen Day [00:12:12 → 00:12:27]Parenting Hack"When you're trying to teach your children, involve them, and it'll take longer at first because they're learning their skill, but over time they're able to do it, and that can be part of their household job that they get paid for."— Stephen Day [00:14:14 → 00:14:26]Teaching Kids About Money Management  "The first fruit of everything that we make goes to God. Next, we had to save, you know, and you can either have the kids save for a goal or you can have them save a certain percentage."— Stephen Day [00:17:32 → 00:17:41]Training Kids to Avoid Impulse Buying "I want to take away their ability to do impulse buys when they're a small child because they're still developing control of their impulses. And so they need to get those habits that all good spending is planned spending."— Stephen Day [00:22:02 → 00:22:17] Bark proactively works to monitor, detect, and alert you to potential issues on your kids' devices. Visit bark.us to learn more about how you can keep your kids safe online. Use the code COLLIDEKIDS to get 15% off Your Bark Technologies Plan !Support the show