Money Matters

#MoneyMasterClass Recap–Week 16

Am I Delusional?

What better way to start off a Monday than with some real talk from Gail.

Money Set Point

Gail introduced the concept of a money set point this week. I had never heard of this before, but it makes sense. Thinking back on the different salaries I’ve had in my life, I can see there were certain points I was looser with my budget than others and I attribute that to the security I felt at that income level.

I’ve always used separate savings accounts for various things. I had never thought through how this could be helping me save more in the long run because it would take me longer to hit a goal–as opposed to seeing it grow as one lump sum.

Kids and Finances

Gail talked about kids and finances in Week 11 where she included in her tweets a 5-point summary of her book Money Smart Kids. You can read those tips in my Week 11 Recap. She kept the conversation going this week.

Managing Your Money

A few final thoughts from Gail.

Have you been actively teaching your kids about finances? What strategies do you use?

New to the Money Master Class? There’s still time to get started!
Check out this tweet to see all of Gail’s #MoneyMasterClass tweets from the start.
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap
Missed last week? Find it here:
Week Fifteen Recap

Check out Gail Vaz Oxlade’s books here:*

Money Rules
Debt Free Forever
CEO of Everything
Money Smart Kids

4 Comments

  • A in Texas

    Hi Allison, Please help me understand about the jars.
    We have 5 jars needed for this year. So far, I believe and correct me if I’m wrong, we have one jar for found money– money we save from shopping smart, we have another jar where if we use the drive through for food, we put the same amount in the jar that we spent eating out. That’s all I have in my notes. Do you have anymore information on the jars?
    My two kids are young adults now and I wish I had just given them money to learn about money and not tied it to chores being done. They got to a point that they simply didn’t care to do chores so no money, no lessons- that was middle school. And once high school hit, they didn’t have pt jobs but did high school as a ft job so no chores, no money lessons and no pt job meant no money, no social lessons, no responsibility. Getting a job at 18 for the first time, is awkward and thus hard to get over emotionally and also hard for them to get hired. I wish I had done it differently- have jobs at age 16 and onward so they could learn about saving for a rainy day and paying for part of their field trips etc.

    • A Sustainably Simple Life

      Hi! 🙂 You’re exactly right on those two jars and we have one more called the “curveball jar.”
      Jar #1 is the “Found Money” jar.
      Jar #2 is the “Food Tax” jar.
      Jar #3 is the “Curveball” jar.
      We were instructed to move the money we currently have in Jars #1 and #2 to the Curveball Jar. Then we are to go back to filling up Jar #1 and Jar #2 as we were before. There’s a little more about the Curveball Jar in Week 14 if that helps.
      Before all of these conversations in the Money Master Class, I had always thought of an allowance with no chores as “free money.” I had never thought about the benefits of using it as a teaching tool on its own and not having it tied to chores. That’s a new concept for me too.

What are your thoughts? Let us know in the comments!

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