As a parent, its normal to continually ask if you are raising your children the right way. When it comes to money matters, it can be even more difficult to know whether or not you are bringing them up well. You may not be sure at what age, or in which context, you should start the conversation about money with your children.
See, the truth is, if you don’t talk to your children about money, then they will have to get their information from somewhere else. And who knows what kind of horrible advice they may come across out there in the world. Whether it is from social media, friends, or teachers, somehow, your children will learn about money. Thankfully, you have the opportunity to make a positive impact before someone else pollutes their mind.
If you are still dillydallying on this subject, we say the best time to talk to your children is now. And no, talking about money is not a taboo. Rather, it is the smartest thing any parent can do. So, buckle up and have this talk with your children today. Here are some tips to help get you started!
Take It Slow
There is no need to have a five-hour lecture to talk about money. If you take this approach, your kids will get bored and disengage. Instead, take it one step at a time. You could start by asking them simple questions or, better yet, let them ask you whatever questions they have regarding this subject. You will be shocked at how much they know. Once they become comfortable, you can proceed to more complex topics.
Always Be Honest
If there are any money mistakes you ever made, let your kids know. The aim is to make sure they don’t make the same mistakes as you did. If you are going through any financial constraints as a family, don’t hide it from your children. Give them the opportunity to learn in difficult situations.
Instill Values In Your Children
Children need to learn basic concepts such as giving, saving, paying debts, budgeting, and so on. They are probably not interested in knowing how much you earn and the significant expenses that you might have. However, it is important that they get the general idea of things.
You can encourage them to download the EverDollar app (when they are of age). It will help them learn the basics of budgeting. You might also consider teaching them essential spending habits and show them the value of money by talking about investing.
Set Family Goals
As you make plans for your family, sit with your children and let them take part in the planning. However, you should also let them know that you and your partner will make the final decisions. Nonetheless, it can be beneficial for your children to see how you work through financial goals and obstacles.
As you get to more advanced topics such as money market accounts, mutual funds, you may not have a lot of knowledge to offer your children. However, this is a chance to be open; ask them to help you research more about the subject. This is also another great way to spend time together.
If you are still unsure about talking to your children about money, we hope these tips help you get started. As a parent, it is your responsibility to speak to your children about money matters and life in general. Help them get prepared for successful lives by teaching them early on!