How to raise your kids to be frugal (but not too frugal)

Finances

By Steven Kutz

If people are destined to inherit their parents’ attitudes toward money, how can they hold on to the good ones and get rid of the bad ones?

MarketWatch asked Gregg Murset, who has been a Certified Financial Planner (CFP) for 20 years and who specializes in educating children so they make smart money decisions, what he recommends when it comes to changing spending patterns from generation to generation. Murset, who lives in Phoenix, was named the National Financial Educators Council’s Financial Education Instructor of the Year in 2014. He also works with teachers and school supervisors in Arizona to help improve personal finance education for students.

In addition to his work as a CFP, Murset runs a website called busykid.com that parents and their kids can use together. When kids do chores, parents can pay them on the site, which costs $12 a year per family. When parents want to pay their kids for chores, money is moved from their checking accounts over to the kids, who can either spend it (via gift card), give it to charity, or invest it.

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