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Bench Talk: Talking to Your Kids About Money

 Talking To Your Kids About Making Good Choices With Your (And Eventually Their) Money

  • This bench-talk is aiming at parents, who want to make teaching kids about money a top priority.
  • Don’t overwhelm your kids with details…the information and advice needs to be age-appropriate
  • Every kid is different, even within one family, and the way it works to teach one of your kids about money won’t work for another.
  • Success can be found by teaching concepts and developing habits.
    • Saving/investing
    • Charitable giving
    • Making choices ahead of time
  • Regarding making choices, here’s a suggestion:
    • Use an envelope with cash
    • Make a list of fun events, set that aside
    • Decide on spontaneous fun
  • Results:
    • Family is on the same page
    • Changes the conversation from “we can’t afford it” to “we made a different choice”
    • Forms a habit of thinking before spending
    • Encourages creative entertainment options

I am always looking for new ideas about how to make teaching kids about money easier and more fun. I like to incorporate these ideas into my own family and pass them along, so please email me yours and we can improve together.