You heard what Whitney said, the children are our future! 🎤🙇 We have to teach them well and let them lead the way. And they won’t get very far if they’re not well-versed in money matters. 💰
Times are financially rough for many American households. 📉 However, talking to your kids about it doesn’t have to be difficult or awkward. In this quick guide, you’ll get some tools to make the conversation a winner.
Here’s Five Fast Facts on talking to kids about money:
- 🤑 What’s the Buzz - Our cray-cray economy is the talk of the town. Chances are your kids have seen it on the news or heard others chatting about it. The best thing you can do is talk to them honestly and age-appropriately. If you’re cutting back on spending, tell them so. You can also tell them you’re preparing for emergencies by saving.
- ☮️ Keep It Zen - When you’re stressed, your kids know. If you’ve had a bad day at the office or were just hit with an overdraft notice, that’s probably not the best time for a money chat. Wait until you’re calm and try to bring a positive tone to your conversation.
- 🛜 Look It Up - If you’re not a money expert, don’t let that stop you. If your kids have questions about things like tariffs or stuff above your knowledge level, that’s OK. Tell them you’re unsure and offer to research the topic along with them.
- 🫣 Air It Out - Don’t let shame or guilt over money issues get in the way either. Just as they do with stress, kids pick up on those icky feelings, too. Studies show the earlier you talk to your kids about things like credit cards, debt, and saving, the better off they are in adulthood. Even talking about your mistakes can help prepare them for the future.
- 🧹 A Job Well Done - Want to get your kids more involved in household finances? Give them an allowance for doing chores. If you’re saving money by eating more at home, have them help with cooking (or make the whole meal if they’re old enough). These good habits will stick with them for life.
🔥Bottom line: The family who saves together stays together! Well, we hope so, anyway. Looking for a family financial challenge to kick things up a notch? Get the whole house in on a No-Spend November. Head here for all our tips on how to make it a success.
Do you talk to your kids about money?
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