How to Talk About & Teach Your Kids About Money, with special guest Chella Diaz

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Now, here's your host, Jackie Fineman. Hey, welcome back parents to the No Problem Parenting Podcast, where we choose to deal with and overcome the emotional and behavioral challenges within our home. And actually today we're going to overcome some of our financial challenges in our home with my special guest, Chella Diaz. Welcome to the show, Chella.

I'm delighted to be here. You literally from a young age, you're kind of a money queen, like right off, right out of the gate. you had you've been good with money since the age of nine and you're on a mission to empower parents to talk to kids about money I even noticed you you purchased your first car at 17 on your own and your first house at 23 so let's start out by you telling us a little bit about you and why you're so passionate interested in money beautiful the first thing I like to share is the elephant in the room just in case some folks are saying, Oh, she had plenty of help. My mother was a housewife and my dad was a baker. So yeah, right. So me buying the house, I did get a small loan from my dad $1,700 because I was short at closing costs. But other than that, which I repaid back very quickly. Other than that, I definitely did that on my own. That's so cool. What were the money story. Today, we're going to talk about money stories and some of the ways that us as adults, you know, we all have our own money story. And a lot of it is based on what we heard growing up from our parents and people that we surrounded ourselves with. Right. And so I guess the hope is that as we're parenting our kids now that we can change the stories around money and about money.

So I'd like to kind of start in on that. Like what were some of the money stories you heard growing up that maybe inspired you or helped you? Yeah, I the story that I heard is you have to work hard for your money. Right? And we all have one. So I invite the listeners to think about what were those money conversations you remember listening to? Right? Step one and two, what impact because once you become aware that what impact they had. So for me, my dad being a baker, you have to work car for your money was what I heard. So when I went out and I got paid, my very first speaking engagement, I got paid $500. So when I get $500 to go and speak something that I'm truly passionate about, my body went into shock because my, you know, how is that working hard? Right? So even though I've been doing this work for a long time, I, you know, for me, it was like reaching out to my mentors, to my coaches, because that was going against what I believed. That was going against what I listened to. Because how is getting in front of people talking, sharing, working hard?

So I invite you to think about that and then connect the dots. How has that impacted your current? But even better, right? Start paying attention, especially grocery stores. This is my favorite. When you're at the grocery store, right, and the kid, and they put the things at the counter for a reason, right? As you're getting ready to check out, what do you have? You have the candy, you have the chips, you have the toys, you have all these things depending on what store you're at. But become aware and listen to what other parents are saying. And I say listen to other parents because it's easier for us to pay attention to what's outside of us, and then that's going to help us be more aware of what we say. So if you hear we can't afford it, we don't have money, right? What are you listening to? And look at it from the child's perspective. It doesn't matter what age they're at, you know, whether they're five, seven, eight, nine, whatever it is,

you may say we can't afford it, we don't have money, but think about what that kid and what stories they're going to make up. Right. So it's not just as adults, you know, if I, you and I were having a conversation and said, I don't have any money, you know, that will be kind of like the end of that. But as a kid, you have to imagine what that is. And I have a real live example of a six year old parents, Friday night, they both are employed. So the, and they make really good money sitting at the table, finished paying off the bills, sending out the checks, you know, good old-fashioned checks, and they said, we don't have any money. This was a Friday night, because I happened to pick up this kid Saturday morning to take her over to my house, and we were going to do baking, go for lunch. That's what I did, and she was really concerned, so the parents said,

we don't have money, so what the six-year-old was concerned and worried about is, where were they're going to live and where they're going to have food for money for food right so the parents innocently said we right they didn't have any money because they just paid all the bills until next paycheck which for them is every two weeks right but that's not what the child heard and that's what I want you to start thinking it's not about what you're saying and what your interpretation. It's about what that child is going to take and run with. So what does that conversation sound like instead? Mom and dad get done paying the bills or sitting at the table, the kids playing, you know, quietly next to them or whatever. And instead of saying,

oh man, we don't have any money. What do they say? It's very simple. We don't, we just finished paying off all the bills. We don't have any money until we get paid in two weeks. That's it, right?

Let them know that that's coming, right? It's a very, very simple, because when you leave it, we don't have any money. It's so open to interpretation for that, right? And the other part is back to the grocery store.

I'm telling you, the grocery store is such a great place to learn. If a kid wants a toy, instead of saying, no, we can't have it, or no, we already have enough, or no, we can't afford it, no, no, we don't have any money. make the child be part of the decision right if they want this toy they're just like you know what that's great why don't we talk about and see how we can fit it into our spending plan because i don't like the b word i was just gonna ask you that i almost i almost filled it in and said budget and that just that word makes me cringe but right that's what i i don't use the b word i'm glad she said it so i don't use the b word because spending plan to me spending plan is a way for you to plan on how you're going to spend your money right it sounds so inviting right because it gives you choices a budget i heard it's and i've been doing these workshops for so long is it sounds restrictive like you have to be fit into the box we're spending so you tell the kid you know what why don't we see how we can fit that into our spending plan have them be part of the decision and i have two sons and i can tell you that this is something we practice right they they received allowance and they were able to make money whenever they wanted whatever new toy or whatever new thing there was i said great you save up 50 of it and i'll put in the 50 percent your dad and I will put up the rest right because then that gives them the opportunity to

look something and also takes away the immediate you know instant gratification as well and I gotta tell you 90 percent of the time they moved on beef and they were saving and they were being you know they have the little the piggy banks and stuff but they changed their mind halfway through it because they found something else and wanted to do right so this is why having them be part of the decision is important because it's choices you're teaching them to choose you're giving them options if you take nothing from this listening is give your children options because when you say you can't afford it let's make it let's let's sit down and talk about this How can we make it part of the plan?

What are some of the best ways that we can empower our kids to even learn about money or want to learn, make it interesting and exciting? And that is a $25,000 question because I started at the age of five. Only you know what's appropriate, what's good with my kids. They started planning a meal at age five.

on Thursdays, they used to take turns making dinner. Now I know what you're saying five years old. Listen, we ate salad and eggs. We ate pancakes, you know, stuff that they could make.

Right. So they started at five, but what it is not only teaches them about money, but he teaches them about time management. If you're going to make lasagna, you. You cannot just come home from school or for us from work and make a lasagna, right? You have to know what ingredients you need. So normally I was a full-time, I had a full-time job at the time.

And so we mostly shopped and they had homework and sports and all. So our grocery shopping was done on the weekend, right? So that means that we have to plan when are we going to go grocery shopping what ingredients you need right it's it's all the time they have to know how long is it going to take to prep this meal is there something they can do ahead as they got older right the dishes got a little bit more involved and they got you know but um but also how much because they have to check out all the ingredients at the grocery store yes you're paying but they're doing and sometimes as they got older they're actually I gave them money so they actually felt like you know they were paying but that alone because they're going to start to notice oh my goodness it was $18 to buy all the ingredients or it was $35 to buy it doesn't matter it was $7 but they began to connect the money and the meals what a great idea it is also as a bonus tips parents if you have somebody that's kind of picky a little bit fussy about what they eat this is the cure for it because they get there's so much pride when they prepare a meal but they also learn to appreciate when a meal is prepared for them oh this is so good I had one rule in the house when we had one rule in the house because we were very open about different foods.

Right. So Friday night we used to take turns. It was four of us take turns on choosing a restaurant that we would go to. Right. So it was really fun because then the adventure.

And then what about testing new recipes? Right. This also expands the horizon as to, you know, not only the costs, but also the time. What's the time invested in preparing the meal?

And so imagine that this five-year-old is preparing this meal, right? Of course, we're all happy. And like I said, we were all very, very supportive. But the one rule was, you cannot tell me you don't like it until after you took a bite, right?

You cannot just judge a dish by the way it looks. But also if we take that deeper, right, that goes into life skills, right? We cannot judge somebody by the color of the skin, by the hair, by whatever it is, right? So to me, these were now looking back, truly, truly, I had a great time with them.

But those were some phenomenal years and something that kids still remember. They're not kids anymore, but, you know, but yeah, have them. You know, this, having them prepare a meal, it just, the lessons will go on beyond the money in this, in this point. A lot of times as parents, we're just in, in a hurry or in a rush or we're tired and we just want to get through the grocery shopping.

We want to do it without our kids if possible. If it's with our kids, we're, you know, it's, it's like all about time. And we, we typically don't plan enough time for the grocery shop. we maybe don't even plan ahead enough to prepare for you know do we look at what's on sale in the grocery store or do we just go get our typical staple items and grab whatever we see when we're there for quick and easy meals and that kind of thing but what I hear you saying is with a little bit of prep work you can teach way more lessons get your kids way more involved so that you're not yelling at them to stay in the cart or sit down or, you know, hurry up and follow along and, you know, quit asking for things that you can't have, or, you know, you don't, you know,

mom's not going to buy for you. You're just really getting them involved as young as the age of five. I would say, you know, I started at five, but once they're able to count, you know what I mean? Once they're able to count, cause then, you know, they may not recognize necessarily the money, but they understand, but it has to be physical money, right? Can't be a debit card because that, that loses its touch but you just brought up a $25,000 tip Jackie I should be reeling in the dough on this episode man that's two two right now we're up to $35,000 right now okay um let's see if we get into $50,000 um when planning a meal two things I look forward to Tuesdays because that's when I get to this day.

As of this recording, I still enjoy. And I also brag to my friends when I go grocery shopping because then I send them my receipt. So I prepare my meals based on what's on sale. For that week, for that month, whatever that may be.

Sometimes today it is, I usually, I do meal prep. So right, prepare a meal based on what's on sale. But then do food prep. I just did this with a four-year-old. The parents are teaching her to be independent and she has to prepare her own breakfast. Some of the meals, but breakfast is the one she likes to enjoy.

And I told her that she can make smoothies, right? They have one of those bullet ninja thingies and it's small enough that she can do it for herself. So prepping five days worth of smoothies, all she has to do is take it out of the freezer put it into the blender and she's good to go so I say to you and independence right because now they're preparing the meal for themselves but also it takes a way of listen I was a working mom picking up the kids having to do it sometimes you just don't have time but if you know you have something in the freezer that you can easily take out or if you have smoothies, I tell you some of these green smoothies, which I still have, I probably have at least 10 of them in my freezer right now. Again, I practice what I'm showing you and it makes life a lot easier because you have meals prepared. So you don't have to rush and go spend the $55 at the whatever fast food place you want to go to. And it's healthier. Let's face it,

it is healthier for you to have some green smoothies, but also the independence that you're teaching them, but yeah, prepare your meals based on what's on sale, plan your meals. Can you put a couple of extras in the freezer? So, and I pack my individual size. So that way, not everybody is ready for whatever happens to be in there, right? But if you pack it up in an individual size, if you have more than one child, they don't all have to have the same thing. So there you go, the $25,000 tip. That's awesome. And Tuesdays must be the day that the coupons or the flyer comes out from the grocery store or something is that what why you're so excited about Tuesdays pretty much versus and because I'm old-fashioned so I still like the paper right so I still like to check it in my paper I could I do see the app but it just doesn't bring the same satisfaction to me although sometimes I do have to but yes for us for me Tuesdays we get it most stores I've been to other states you know there's some kind of grocery so whenever your grocery has their sales be the first one look what's there what meals could you prepare around what's on sale what can you um make in bulk so you can have some save for some other time you can just defrost yeah that's awesome and get the kids involved in helping to do at least one meal start slow start slow at the beginning they couldn't use the stove so we started with salad

but they got very creative with salads, right? Because you put in like different things in there. Right, yeah. Yeah, so get creative.

Give them the opportunity to learn how to prepare a meal. Even baked potatoes. I gotta tell you at the beginning, I mean, I would put the potatoes in the oven for them, but that's what we did. It was like stuffed potatoes, baked potatoes.

There's plenty of easy meals out there. There's lots you can find on the internet as far as recipes, easy recipes and recipes for kids. So that's a good one. how can we make money into a game you have some ideas about making money into a game that gets kids interested yeah you know that's part of it when you when you start talking about what do they really want let's say they want to go to a park or they want to do whatever it is that they do for us here in california you know you have so many different options so many different things but making it into a game so they can start paying attention right becoming aware and that's the first thing right and it's not that you're going to price everything but you know how much is it for gas you know i mean like really some of the stuff that just arrived again it's not up to do it every single day but the more you do it and you put it into a game you know i mean like if they want to say for a toy that's 40 right or whatever it is that they want to do even planning to take the family out to dinner or out to lunch or to whatever, right?

It's about helping them understand what that is. They get very creative. I got to tell you, they really are. Because kids are so brilliant.

Then be open because you may learn some new ways to do things as adults. Yeah, right. Watching their mind and watching them come up with ideas. So give us a few of those examples.

well okay what about if you make it into a game that you will pay them to read a book i i listen i'm not against doing chores i'm not i'm not against doing chores but what if you pay them to read a book and of course that means you also have to read the book yourself but you know i mean and make it you know and you can do it it's like you know what if you read this book and you are able to tell me three things you'll learn about it, right?

Reading a book because you encourage them to read and find answers for themselves. Right? So that's a good way. And that's a good way for them to learn something for you.

So, and let's face it, you're keeping them busy. Right. So it's a win-win, you know, because when my kids were younger, they had so much energy, right? what if what if you take them to the park and just to encourage exercise i used to pay the kids to read the books of course they're regular chores absolutely but if they wanted to make additional money right we made it into a game how many laps could they do around the track right it's not it's about helping them see that you can make money in so many different ways well and one of the things i like about this too is is you're talking about it's not it's the money messages the stories we're giving our kids. So it's not just about, we can't afford things or saying to our kids,

oh, you're so spoiled. You get so many things. Money, you know, money doesn't grow on trees, all those kinds of things. You're teaching them one, how to spend, how to save, but also how to make more because it's not just about saving money all the time. And there are lots of ways to make money that don't include your day job that can be extra side jobs or side hustles or or different things so we're also teaching kids how to bring more money in absolutely so the game uh that i created is where they cut out french fries i have a little actual picture of the french fries and they cut it out but at the table and this is a workshop that i i do i host um at the table i also had coloring. I had crayons, pencils, glitter, all kinds of stuff. So the kids, they cut it out and they went to go sell it because this is your job. Then you go sell the french fries. They got paid. But the kids that took the time and they colored and that got creative, they made a sweet potato fries because they colored them brown or they added glitter or they added something else.

those kids got paid more what do you mean paper french fries that they're selling yeah well it's a game literally a game it's in the classroom and it's a game and the game the job is for you to cut out the french fries you get paid when you turn in the french fries okay paper french fries okay but there's so much stuff at the table for them to learn to get creative so what he teaches them yes there's the ones that are going to follow the rules but also they're the ones are going to go above and beyond and do a little extra so whether they choose to be entrepreneurs whether they choose to go out and get a job by doing the extra is going to allow them to make more money gotcha so who's buying these french fries in the game i set it up i set it up in the game there's a there's a station for them to sell it. So that will be the employer.

There's somebody that's collecting rent. So the game is set up as life French fries is your job to cut up the French fries is your job. But when you go above and beyond and you color in, then that makes it extra, right? Makes it extra, but it makes it more appealing to the buyer.

So you're probably going to sell more or sell them at a higher dollar or something like that. So what kind of game can you create in the house around the house? right to help the kids get creative right can you play hide and seek can you help them to do some coloring can you hide something and they'll find it right it's just about getting them to start thinking more creatively and again to encourage being creative because that's when you're really going to find out what did they really like what are some of the gifts you're considered uh chela Diaz, the pricing wizard. Talk to us a little bit about that. Where did that term come from?

When my clients, after working with me, were making more money. So I just decided, you know, pricing wizard, because I help entrepreneurs charge their value. That's what I do in the day job. Passionate about empowering parents, not only to save money, but to become aware of what those conversations are that we talk, that we listen to that so that we can shift the pattern.

And because I was a mom with two young kids, and this is something I've been practicing for many, many years, I created a course that's 108 ways to save money, which we already gave some here. The one is, we're going to give one more because I want you to really walk away with something, creating a menu based on what's on sale. Frozen is always good because it is going to save you time and it'll avoid you going to that fast food place or the restaurant. It'll avoid you going to the restaurant. But also the other thing that's one of my favorites is purchasing your essentials, your lotions your shampoos your dishwashing your laundry detergent paper goods purchasing your essentials only when they're on sale and that again I'm a huge game right so make that into a game can you make it into the game so that you're stocking up on some of this stuff because you're only getting them on sale it's such a great place to be that's a great trick too and typically, I hadn't done this for years. I wish I would have done it when my kiddo was younger,

but you can kind of predict how much you're going to need for the year. If you can, if you take a look at how often you're buying certain things, and then you can buy that kind of stuff in bulk. Well, exactly. Make it into a sale. And the other bonus tip is I have found that some of the shampoos, the lotions, you know, your, all of that pharmacy stores, whether you have whichever one to have near you check them out because they have some phenomenal sales unbelievable because again you know i mean if you make it watch their pattern because you'll see certain things go on sale certain times um but that's also a great great place to save tons of money what is all included in 108 ways to save there there is definitely truly 108 ways to save money you can choose to use one, you can choose to use five, but also is there's some videos. I have the videos for you to do some meal meal preps, right? So it's making it easy for you to save money. My best, best story is a housewife. When I did the workshop, I gave some of the tips. Housewife was able to save $3,000 in four months.

When she came into a center, was a community center, she was in tears, right? Because it's about once you become aware, okay, this is what I'm doing. How can I do it differently? Planning your meals is one of them.

And this are all tested because this is all stuff that I did when my kids were younger. So it's not just about saving the money, but also it's going to save you time. Yeah, that's so good. And hassle.

I mean, who likes to come home from home, especially once the kids are back in school, the kids are back in school now. And you know, it's the, the meals are more, can be more structured and all that. We just get home and we're tired and we don't want to cook. My bonus tip is going to be, listen, just take action on one of them. But I used to prepare two meals on Sunday, one for our Sunday meal. And then the second one. So when the kids got home from school, they have, we have a meal Monday night, I would get home from work. I would make another meal for Tuesday. So I was always ahead.

and we don't use the spoil word, but my kids were not really big on eating leftovers. So at the time I was working for corporate, so whatever they didn't need, I used to take to the office, right? People loved it because it was good food that was just not big on eating leftovers. But once you're ahead, it makes things a lot easier because then you're not rushing, right? Because when you attempt to go to the store, when you're rushed, the stress, the overwhelm the lines are going to be the longest you're not going to find a parking space you know I mean everything that could go right Murphy's law but when you're ahead that's what I'm saying is yes it's about money and the money you're saving but also you're saving yourself stress overwhelm and you're able to do other things with your children and I think it's fun when kids can have a list of things to go get in the store keep some busy trying to find those things and then they can price it out do they do we need the name brand for the rice or can we get an off brand for the rice do we need you know there's certain things that how much does it cost and how much are we saving and and get them really interested in that and they do learn the value of money and to respect that but even like you said going to the playground you know how much is it going to cost us in gas or should we walk you know just right if they want a bike or whatever

toy that they want. It's just getting them involved about participating and being part of the decision. You know what, that thing is $199. How can we put it into our spending plan?

How long is it going to take us to get that? It's great stuff. Oh, that's really good. This has been a fun conversation because it's a little bit different than, you know, this teaching kids about, you know, how much to save, how much to spend and how much to tithe and, you know, all that kind of stuff, which all of those are important things. But this is just a really fun episode to get people to just think a little bit differently about all the lessons we can learn when we include our kids in some of those basic things that we're spending money on. So it's not just about the toys and stuff they want, but about putting food on the table and how they can contribute to that. So that's super fun. The holidays are coming, Chella. What kind of tips do you have for us as we head into the holiday season to help us save some money?

Oh my goodness. This is actually truly one of my favorites. Make a list. And I know I'm not going to be popular on this.

Make a list of the people you're going to give gifts to and check it five times. If you're giving because they gave you something, it's not a good reason to give. If you're giving it because you've always done it, not a good reason to give. If you're giving it out of guilt, not a good reason to give, right?

So check that list. and as you're making this list shorter and shorter and shorter is find out what they truly want something they really appreciate but you know the the bath salts or the scrubs or whatever those are really go-to for your female friends but also what if you offer to babysit do that as a gift right it is time that people really appreciate those things right if you're a great cook can you make a frozen meal and deliver that to them. So those are the three scrubs bake or do something for, for babysit. You can take care of somebody else's kid for a couple of hours. What are their plans? Five. If they're going to go out on vacation or whatever, can you take care of the pets? Can you write? These are old is going to take time, but there is no money investment or very little money investment in there. Right. All right. So you have the 108 ways to save that. We're going to have the link in the show notes for that. Parents can check that out. This is a great time of year. Anytime a year is a great time of year to be saving money, but especially when the holidays are coming up and you're looking at your budget and you're thinking, oh my gosh,

how am I going to afford Christmas presents and you know, all those kinds of things. So make sure to go check out the 108 ways to save with Chella. And I just have to say, I'm every time I meet you, I, we just met a few, few months ago, but every time I talk with you, you're just a day brightener and you just, you put happiness around money for some of us who don't really care a lot about money or don't like the struggle with money or the way you are really the light, the sunshine around money. And it's, it is more like a game with you. It is more about how to have fun with money and not dread those money conversations. So thank you so much for being with me today.

It has been my pleasure and let's go out and have some fun. Thank you for tuning in to the No Problem Parenting Podcast. Join Jackie next time for more tips, tools, and resources that will help you become the confident leader your kids crave you to be. Who do you know that we could support on their parenting journey? Like this podcast, subscribe, share, or leave a review of the show. Your support of the No Problem Parenting podcast pays it forward and helps us help more families.

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