Get Your Kids to Go Barefoot: Scott Pape’s Family Money Guide
Want your kids to build healthy financial habits early? Scott Pape's 'The Barefoot Investor for Families' delivers a brilliant, zero-stress pocket money system.
Teaching kids about money in Australia doesn't have to mean boring spreadsheets or awkward lectures at the dining table. In fact, if you want your kids to grow up financially smart, it's time to get them to go Barefoot.
Scott Pape, the best-selling author behind the financial bible The Barefoot Investor, released a brilliant follow-up focused on raising money-savvy kids: The Barefoot Investor for Families.
The Three Jam Jars Pocket Money Strategy
Instead of complex allowance apps or arbitrary cash payouts, Pape’s pocket money strategy revolves around three simple jam jars for their weekly cash:
- Splurge: Money for everyday, immediate fun (like lollies or cheap toys).
- Smile: Set aside for saving up for larger goals (like a Lego set or a new bike).
- Give: To donate or use to help others, fostering generosity from a young age.
Introducing the Family "Money Meal"
The secret sauce to the book's success is the weekly "Money Meal." Rather than nagging your kids about chores, Pape suggests taking 20 minutes once a week during a family meal to check in on their jars, discuss their savings goals, and pay them for their completed "jobs" (chores). It takes the stress out of teaching kids about money and turns it into a fun, regular ritual.
By building strong financial literacy for children in Australia before they leave home, you'll protect them from credit card traps and predatory bank fees down the road. Grab a copy of The Barefoot Investor for Families and start your family money meals this week!
