Growing up as children, we might have only understood money to be “grown-up business.” Often kids had to leave the room when money was discussed, especially if there was a money hiccup, straining the household budget. There can be a lot of money flowing through the parents’ hands, but nothing will be left to pass on to the children with no financial strategy.
Understanding that handling money successfully is a learned behavior that impacts your health and wealth. It is a skillset, and if it was not explicitly taught at home, we must learn it independent of parents’ ability to teach. Yes, money is a grown-up business, but it is also important that kids are educated as early as possible. Money is everyone’s business.
We have to be intentional about handling money in the open within our home. Do not tag money as an adult-only task. Our kids are exposed to our home economy – budgets, savings, investments, credit cards, the kit and kaboodle. We should talk about money strategy, effortlessly weaving financial literacy into everyday conversations.
At Kash Kids, we aim to change the narrative around finances for generations to come so that kids can lead struggle-free lives. One suggestion is to set up routine family discussions involving allowances, budgeting, payments, receivables, what a portfolio looks like, and your household’s current state of affairs. It is not only when every dollar is stretched so thin that we should think and talk about our financial situation. In abundant and lean times, we all should have these conversations.
Financial literacy is key to children’s development. Consider times of expectation like first-cars to buy, proms and vacations to budget, tuition to pay, dates to fund, and books to get, just to name a few money concerns. Discuss it all together. There will be many successes and hiccups, so expect them. Learn to rebound from losses and celebrate gains with your child(ren). Hopefully, they will learn that money has its complexities, but they can handle it!
Let’s model healthy relationships with our finances for our family’s present and future generations.
If you are looking for creative opportunities for your child(ren) to engage with financial education, visit our course listings at Kash Kids.