One of the most important lessons a kid will learn in life is how to properly manage money. It’s a lesson that should be taught as early as possible to ensure that they begin the trek down a financially secure life. A lot of moms aren’t sure how to talk to their kids about money though, which is the biggest pitfall. Utilizing these simple tips will make talking to your kids about finances a breeze.
Assume that your kids already know because they probably do. All their lives, kids watch their parents handle money and even without being told, they’ve still got a general idea about how money works. It’s not a foreign concept to them.
What kids probably don’t understand, however, is that money is earned. They understand that mom goes to work every day but they don’t comprehend hourly rates and taxes. Simply talk to them about why work is important and why everyone does it. This helps demonstrate that money isn’t just given away freely – it’s earned through hard work and it helps build value in a kid’s eyes. When they start to realize that money is something they have to actually go out and obtain, they’ll be much more receptive to money management.
After they’ve established that income is directly correlated to work, they’re going to want to know how they can keep as much of it as possible. Obviously, bills and mortgage payments aren’t something that will ever go away, but this is the time to teach your kids about thrifting. Pull out those coupons and show them how much of their hard earned money they could save by using them. The next time you’re shopping online, show them that you can use coupon codes to save money even when you’re not in a store. When they see they can save money, it will awaken their desire for coupons and sales.
Keep money management fun when teaching kids about finances. These days, there are a lot of places moms can go online to get games, videos, and songs that relate to money and good financial habits. Most kids are going to be a lot more excited to watch a fun video than watch you divvy up the household finances at the kitchen table, which will in turn help them retain the information they’re receiving. Online sources aren’t a substitute for the money talk, but they are a really good enforcer.
Money is something everyone depends on and sooner or later, your kids will depend on it too. To make sure that they’re ready for the real world when they become adults, talking to them about money early on is crucial. Luckily, it isn’t difficult if you just remember some basic guidelines.
**This is partnered guest post.**
Toni Patton
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