Talking to Your Kids About Money
Here a few tips to help start a conversation with your kids about money:
- Teach them what a goal is, and how they can have different time frames (now, soon, later).
- Find age appropriate activities to do with your kids from your local bank or credit union or the Jump$tart Financial Literacy Coalition.
- Make it FUN! Use colorful charts, lots of visual aids.
- Take them to your credit union or bank so they can see what happens there. Some branches will offer tours for school or community groups.
- Open an account in their name. Use the account statements as a discussion starter.
- Talk to them about where the family’s money goes (housing, food, education, cars, debt etc.) Be transparent - kids are pretty smart! Show them the family’s goals and talk about how they can contribute
- Teach them what an allowance is and how to use it to reach their goals.
- When they get money for holidays or birthdays, use that as an opportunity to talk about how that money can be used to reach their goals, and what do to if they don’t have enough money to do everything they want.
- Clarify your own money values and beliefs & those of your partner
- Create a home inventory. Each family member can participate. When you know what you already have, and what you have is organized, you can save a lot of time and money. Use the inventory to start a discussion about wants, needs, spending, and saving.
- Talk to your friends about how they approach money with their kids. Do they teach them to spend some, give some, save some? Or use a different method? As a community you could have more influence than one single family.
- Educate yourself about how to match the financial topic to their age level, with books like Raising Financially Fit Kids, by Joline Godfrey