When discussing money with our kids, it can be tough to know where to start, especially if you did not grow up discussing finances openly. Money is a taboo topic for many people, and we are often taught that it is rude to talk about money and that we should keep our financial affairs to ourselves.
To break the silence and make these money talks with your kids feel more comfortable, try these tips. First, open up honestly about your personal finances as much as possible. If you’re comfortable discussing your income, savings, and debts with your kids, they will be more likely to feel comfortable doing the same, establishing a pattern that will serve them throughout their life. Next, encourage your kids to ask questions about money. If they’re curious about something, chances are good that other kids are too, and it is better to answer their inquiries than have them go elsewhere for information that might be incorrect. And lastly, don’t be afraid to discuss challenging topics like budgeting and responsible spending.
Kids need to understand that money is a tool, and they must be careful with how they spend their allowance or any income they receive. Money is an essential part of life; the sooner kids understand it, the better off they’ll be.
How you talk about money with your children will impact their relationship with money as they grow older. You want to make sure they understand the value of money, but you also don’t want them to feel like they can’t ask for help if they need it. Money talk should not be taboo or embarrassing. Normalize these discussions in your home. Don’t compare situations with other people. Just know that there is no one correct answer – every family will have its own approach to teaching their children about money.
Kash Kids want to help make the conversation a little less uncomfortable with a few tips to help you chat about finances with your kids in a positive and productive way.
- Start young and keep it age-appropriate (the earlier, the better).
- Be realistic about what kids can afford and how much they can save (before they work).
- Give them allowances or opportunities to earn money (consider monetizing the chore chart).
- Let them make mistakes (within reason).
- Talk openly and honestly about money matters (share when you were not perfect with your finances).
Having these money talks early and often is essential so they can learn to handle their finances responsibly. Remember to tailor the discussion to your child’s age and level of understanding. Let’s set them up for success!
What are your thoughts? Any new tips to share? Let us know in the comments below!
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