Rachel Cruze: Want Your Kids to Be Smart With Money? Don’t Be a Snowplow

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You love your kids. It’s a given that you want them to have everything — and not just everything, but the best of everything. So, you clear the path for them. If they need a few extra bucks so they can join their friends out for a movie, you reach into your wallet. Should they want the latest phone or concert tickets — and hey, Eras Tour tickets don’t exactly grow on trees — you dig deep and you provide. 

If this sounds like you, financial expert Rachel Cruze has a word of advice: Stop. While there’s a lot of handwringing about “helicopter parents,” Cruze believes the real issue is with “snowplow parents” — those who smooth away any obstacles, leaving their children in a winter wonderland of ignorance about the realities of money. 

By always giving them that extra $5, $10, or even $200, you’re teaching your children that money is endless, and they’ll never have to learn to ski around obstacles or dodge the abominable snowman of debt collectors. According to Cruze, if you want your kids to develop financial resilience, they need to start managing their own money — and stop relying on indulgence.

Get Comfortable Saying No

Take a deep breath. Center yourself. Now, it’s time to practice a simple but crucial word: no. You’ve got to get comfortable saying it if you want your kids to learn personal responsibility. Cruze shared that she and her husband have made it a point to discuss how important it is for their children to experience some struggles in life. 

“When it comes to kids and money, [they should have an] understanding that there is some hard stuff around this,” she says. “So hearing the word no, having a boundary around money and purchasing — they’re not going to like it, but it’s good for them.” 

Remember the old Rolling Stones lyric, “You can’t always get what you want, but if you try sometimes, you just might find, you get what you need.” Sure, your kids might not get the Super Mega Ultra iPhone Deluxe they want, but they’ll gain something more valuable — an understanding that budgeting is necessary, and that they can’t have everything at once. 

Encourage Them to Get a Job  

Once your kids are familiar with hearing no, it’s time to introduce them to the idea that hard work is the key to getting what they want. Whether it’s doing chores at home or, once they’re old enough, getting a part-time job, they’ll quickly learn that money doesn’t just appear.

“It’s good for them, learning that money comes from work. And if they want to earn something, they actually have to have the sacrifice to go and do something,” Cruze says. 

She’s not alone in this view. According to College Matchpoint, there are numerous benefits to young people learning the value of work and saving — and these lessons extend far beyond padding a piggy bank.

“Getting a part-time job while in high school can provide teenagers with a wealth of valuable skills, experiences and benefits that will serve them well beyond their school years … responsibility, time management abilities, communication skills and more — all of which help prepare high school students for future success in college and their eventual careers.” 

Whether they’re mowing laws, helping you organize the attic, or working shifts at a local cafe, kids who learn the value of earning their own money are also learning how to succeed in the real world, which in turn positions them for greater financial success in the future. 

Teach Your Kids Resilience 

Cruze understands that getting “snowplow parents” to step back and allow their children to face challenges can be difficult. But it’s essential for their long-term independence and, ultimately, their happiness. When kids have a perfectly plowed path, they don’t learn to handle setbacks or navigate obstacles. 

“When it comes to money or any of the other things in life, facing those bumps and struggles, it’s so good for them,” Cruze says. 

If you’re a snowplow parent when it comes to your kids and money, it’s time to hit the brakes and let the road stay bumpy. Once your kids realize they can’t always have what they want, and they’ll need to work to get the things they want, they’ll build resilience and be better prepared for long-term success. 

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