How 10-year-old Stella is learning to manage money

Financial responsibility can be taught early in life. Mother & daughter duo Stella & Katie discuss how Stella manages money at 10 years old.

Transcript

00:00

I like buying gifts for my friends a lot. But I also like buying all the cheap stuff that's, like, really good.

00:06

[MUSIC PLAYING] Stella is responsible for a lot of different things.

00:13

She's responsible for buying her own clothes. She's responsible for buying gifts for, like, family and friends.

00:21

She's responsible for saving money so that if something goes wrong, when she ultimately

00:27

has a phone-- she also saves money to give to charity. So that we have, like, some different-- Like $100 to donate to charity [INAUDIBLE]??

00:34

Well, we have some different guardrails, right? It goes into those pots. But as time has gone on, we've been doing it for a little while.

00:40

Those guardrails are coming off. And Stella is gonna be managing that more and more on her own. It's kind of fun because usually, I ask my mom, like,

00:48

can I get this? Can I get this? She's like, no. So it's kind of nice, I can buy, like, my own stuff. Like, I don't have-- like, I don't need to ask if I can buy this, just buy for it.

00:56

But it's also kind of challenging, because say, like, it's $10. And I'd be like, I only have $20. I need one more thing that's, like, $5.

01:04

It makes it kind of difficult. That makes it kind of fun. It's kind of like a challenge. So I need to find something that's like my price range.

01:11

KATIE: I've been really impressed because Stella is, like, constantly looking for a bargain. And you know, that was never happening before.

01:18

And now, like with anything, she's like, oh, that's very expensive. This is working. I like how this is working. But the one thing that I've noticed that I'm also impressed

01:26

by is that she really-- even before that we moved on to budgeting, she really loves to give gifts. That still has continued, even though it's

01:33

coming out of her pot of money. She's always thinking-- a lot of her money actually does go on gifts and stuff for other people. So I think that's also good.