7 Lessons to Teach Your Kids About Money

When my kids grow up, I want them to have the best possible start at life. As a parent, it’s on me and my partner to give them the tools that will help set them up for a great and bright future and that’s a big (and amazing) responsibility.

There are many lessons I hope to give to my kids over the years. We have ongoing conversations that not only open the dialogue to important lessons, but allow them to see that their parents want what’s best for them and that we model what we preach.

When it comes to money, I believe it’s a very important ongoing conversation to be having with our kids. There are some who say the topic is taboo — but when it comes to my kids, I don’t think there is any “taboo” discussions. There are many lessons I hope to teach to my kids about money and finances over the course of their lifetimes. I have already started to discuss and put into place a few of these and will continue to talk age-appropriate conversations about money with my kids. I hope you do too!

  • Talking to Your Kids About Money 1 of 8
    Talking to Your Kids About Money
    It's an important discussion (ongoing) that will set your kids up for positive futures.
  • Give Them Their Own Money 2 of 8
    Give Them Their Own Money
    If your kids are anything like mine, they learn better by doing and not just telling. Giving kids their own money (through allowance or whatever), will give them a real concept about what it is.
  • Set Up a Bank Account 3 of 8
    Set Up a Bank Account
    Don't just set one up for them, take them with you so they can learn from the whole experience. Talk about what it's for, why saving is important and if they're old enough, interest rates is a good talk too.
  • Take Them Shopping 4 of 8
    Take Them Shopping
    And pay with cash so they can see how interactions are made. Let them know your budget, what you're buying and see the transaction of money.
  • Talk About Credit and Debt 5 of 8
    Talk About Credit and Debt
    The last thing we want is for our kids to be bogged down later in life with lots of debt. If you start the talks with them early about why it can be dangerous, when to use credit cards and why and when they're important are good talks to have.
  • Educate Yourself 6 of 8
    Educate Yourself
    If you know what you're talking about, you'll be able to convey that information to your children. If you're in debt, learn how to get out of it and how to budget your spending better. Your whole family will be better for it.
  • Talk About Savings Goals 7 of 8
    Talk About Savings Goals
    If you do give your kids an allowance or money, talk to them about savings goals. What are they hoping to save up for? Be sure to talk about how to save and why it's totally worth it.
  • Set a Good Example 8 of 8
    Set a Good Example
    Kids learn so well through modeling and watching what we do. If they watch us stress out over money and talk about how we never have enough, than see us spending on things we don't need -- they will learn that's okay. Model great financial behavior. Let them see you make and stick to the family budget, show them how you pay bills and stay on top of all your must-do finances.

Photo credits: photostock

Article Posted 4 years Ago

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