Real Talk: Talking to your Kids About Money

The first school of kids is the home and the first teacher, the family, especially the parents. You teach your kids from basic eating/toiletry habits to academics, from games and table manners to high moral values, but are you forgetting something? Are you forgetting to talk to them about the money? Are you discussing to them about when and how to spend or when and how to save?

If the answer is a silence then you really need to think. Do not worry, it’s never too late to teach them about money. Tell them about the worth of money and managing it as money is the part and parcel of the life. So, your kids will be able to become prudent consumers and manage their and your money even more responsibly.

I’ll be enlisting few of the key points about Talking to your Kids About Money

  • Never curb their curiosity– children are in growing age whether they are kids or teens and so does the questions in them. Never ignore their questions or delay answering them, and if it’s about money don’t treat it like sex, don’t be hesitant to answer their questions.

  • Have a baseline to start with– don’t just start your own lessons as kids are not idiots, they too have been exposed to world. They hear people and most importantly you talking about money. First try to know what they know, then start telling to them about it.

  • Basic accounts– teach them basic calculation and let them know the importance of tracking the record of the expenses they do. Tell them what is a budget, how to prepare a monthly budget, relating it to the school schedule, tell them- the way you have a school schedule so as to study these many topics in a given month, you need to prepare a budget to spend a given amount of money in a given duration, where to cut the expenses and where to cut the needs.

  • Give them examples– the human mind works more with practical examples so try giving them examples from the relatives or past family experiences, ask them questions, for example, ask them when mom had got the salary where did she spent on first and where did she compromised? Let them answer and then tell them why you did that, why saving is important, let them know what are priorities and need and how to relate them while spending.

  • Share experiences– of the times you were in crisis or you were robbed, what precautions to take from anti social elements.

  • Difference between fascination and reality– your kids may be fascinated by various advertisements and discount sales, explain them what are advertisements meant for, and why usually sales are conducted in stores, explain them how quality suffers when people charge you less. Engrave one point in their mind, that ‘the way, there can be no shortcuts to success nothing in world can be for free of cost’, so that they are not cheated by anyone.

  • Give them pocket money– though you may be apprehensive that if you give money to them they may divert away from studies or indulge in anti-social activities or bad habits, but discard that fear and let them do the account management at small level and make their own experiences.

  • Ethics– talk to them about ethics and morals. Tell them whatever let the need be never turn up to wrong means like stealing, borrowing without returning or betting. Tell them the real meaning of earning, if teens let to join the summer jobs to experience it.

Children are like earthen pot which can be molded to the shape you give them so don’t hesitate and carve the best out of them.

Leave a Reply

Your email address will not be published. Required fields are marked *