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Parents of the Year
We were never given a manual on how to parent. It is easy to get overwhelmed to know the right thing to do. There is so much contradictory information out there and everyone has their own advice. Parenting is a rewarding but messy, confusing, infuriating, guilt-inducing, and overwhelming journey. While it's easy to get lost, Andrew Stewart, a real dad, and Dr. Caroline Buzanko, a real mom, child psychologist, and parenting expert (who also happens to be married to Andrew) will help you get back on track. In each episode, Andrew and Caroline have open and honest chats about everything parenting. Join them in honesty, laughter, and tears (Caroline is a bit of a cry baby) as they help you navigate this journey of parenting. And, every so often, you may get some gems of expert advice. Our goal is to make your parenting journey less stressful, more forgiving, and more awesome. Please join us every Wednesday for new episodes of Parenting of the Year.
Parents of the Year
220. What money lessons should every child learn before leaving home?
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Schools teach algebra, chemistry, and history, but many children graduate without knowing how to earn, manage, save, or spend money wisely. That leaves one important question: who is teaching the financial skills they'll rely on for the rest of their lives?
In this episode of Parents of the Year, Andrew and Dr. Caroline sit down with financial educator Vince Shorb, founder of the National Financial Educators Council, to explore simple ways families can build financial confidence at home.
This conversation is packed with practical ideas that fit naturally into everyday family life.
You'll learn why financial literacy doesn't require complicated investing lessons, how small daily conversations create lasting habits, and why involving children in real financial decisions can prepare them for adulthood long before they leave home.
Whether your child is five or preparing for university, this episode offers realistic strategies that help children develop confidence, responsibility, and important skills that will set them up for future success.
In this episode you'll learn:
- Why financial literacy begins long before a first job
- Simple ways to teach earning, saving and spending
- How chores can become valuable life lessons
- Why everyday shopping trips create teachable moments
- Helping teens prepare for cars, university and credit
- Career exploration before choosing post-secondary education
- How parents can teach money skills, even if they weren't taught themselves
About Vince Shorb
Vince Shorb is one of the country’s leading advocates for promoting financial literacy and a thought leader in teaching and scaling financial education programming. After spending 15 years in financial services working one-on-one with more than 20,000 people, he founded the National Financial Educators Council (NFEC) – an organization dedicated to combating the financial illiteracy epidemic. Shorb has led the NFEC in the development of 2,500 financial literacy programs and more than 80 financial literacy assets. He has been featured in publications on USA Today, CNBC, Yahoo Finance, Forbes, CNN Money, MarketWatch, Fox Business, Huffington Post, NASDAQ, and Business Insider.
Connect with Vince:
Website:
National Financial Educators Council
https://financialeducatorscouncil.org
LinkedIn:
https://www.linkedin.com/in/vinceshorb/
Homework Activities
This episode encourages families to move beyond talking about money only when there's a purchase to make. These simple activities help children build confidence through real experiences rather than lectures.
1. Hold a Monthly Family Money Meeting
Choose one day each month to sit together for 20–30 minutes.
Discuss:
- What everyone is saving for
- What goals were reached this month
- One financial lesson learned
- One goal for next month
Keep the conversation positive and focused on learning, not judgement.
2. Create a Family Chore Economy
Instead of assigning chores without discussion, involve children in deciding how they can contribute to the household.
Together:
- List household jobs.
- Let children choose responsibilities that interest them.
- Attach a reasonable financial reward.
- "Pay" them monthly.
- Divide earnings into categories like:
- Saving
- Spending
- Giving
- Future Goals
3. Practise Opportunity Cost While Shopping
At the grocery store, ask questions like:
- Which cereal gives us better value?
- Is the larger package actually cheaper?
- Do we need this today?
- If we buy this, what are we giving up?
The goal isn't saving every dollar.
It's helping children begin weighing choices.
4. Compare Household Bills
Choose one utility bill each month.
Challenge the family to reduce usage over the next month.
Examples:
- Electricity
- Water
- Natural gas
If everyone meets the goal, use part of the savings for a family activity.
Examples:
- Bowling
- Ice cream
- Mini golf
- Movie night
5. Research a Future Purchase
Before buying something significant, have your child investigate the full cost.
Ideas include:
- First vehicle
- Laptop
- Phone
- Sports equipment
Ask them to calculate:
- Purchase price
- Insurance
- Maintenance
- Fuel or charging costs
- Accessories
- Repairs
- Ongoing monthly expenses
This teaches ownership rather than simply buying.
6. Career Conversation Challenge
Each month, invite someone to talk about their work.
Ideas include:
- Grandparents
- Family friends
- Neighbours
- Local business owners
Ask:
- What does your job involve?
- What do you enjoy?
- What skills are important?
- How did you get started?
This broadens children's understanding of career possibilities before post-secondary decisions.
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