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Mar 26

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Talking Finances with Kids

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More often than not, moms aren’t thrilled to have the money talk with their kids no matter how old they are.  It’s a difficult conversation for most parents as it’s been ingrained that it’s not something to be spoken of outside of certain circles.  These days, teaching kids about money is one of the most important lessons moms can leave with their children and if they want their kids to have a good financial future, it’s of vital importance.  It’s natural to be apprehensive, but there are some easy ways to get the conversation rolling without too much discomfort.

There are a lot of ways to actually show kids how money works and it will vary depending on the child’s learning style, but one of the most effective methods for elaboration on the subject is to simply show them.  Many moms swear by hands on learning in this area.  If you aren’t comfortable giving your kids an allowance or having them work for one, you can always take them with you when you’re shopping.

Make sure you’ve got cash on you and when it’s time to check out, have the kids hold the money, count it, and hand it to the cashier.  This will help them not only with their money counting skills, but it will also serve to help them comprehend what it means to exchange money for services and products.  It may not be as surmountable as a kid spending their own hard earned money, but it’s definitely a step in the right direction.  Just remember that credit and debit cards don’t really work with this teaching method since kids aren’t able to actually see the money being removed.

When you’re beginning the aforementioned lesson, be sure to teach your kids about sales and why they’re such a good thing.  More than likely, they’ll be pretty ecstatic about the aspect of saving money, even if they’re only excited because they know it’s a good thing.  And while you’re out shopping with them, don’t forget to give them those coupon codes for Hanna Andersson to give to use for some extra savings.

This teaches them to both look for deals to try and save money as well as understand the value that a coupon holds.  In a lot of cases, coupons could be regarded to a child as cash – a one dollar off coupon is as good as having a dollar in your hand.  Don’t forget to let them in on the secret of promo codes to save a ton of money while shopping online too.

Once your kids are old enough, set them up with their own checking or savings accounts.  Even if they don’t have a job, this is still a great practice to quickly get them into the habit of using debit cards and calculating interest.  When they’re young, kids don’t always comprehend virtual money but as they get older, they have to learn how to use banks.  This is an amazing way for you to teach them about why it’s so important to save money and the benefits of doing so.  Not only can you teach them about covering overdraft fees, but you can also show them how much money they can make just by putting some into their savings every week.

The money talk is never easy, but it doesn’t have to be completely overwhelming.  With a few tips and tricks, you can teach your kids good money practices without a lot of effort.

 

 

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