The Ultimate Guide to Talking to Your Kids About Money
Written by Clifton D. Corbin
The Ultimate Guide to Talking to Your Kids About Money
Written by Clifton D. Corbin
Thinking About Talking To Your Kids About Money?
Money can be a sensitive subject for a lot of people. But it’s something we need to talk about, especially with our kids.
One of the most critical life skills that a child can learn is how to manage money. This includes knowing how to earn, save, budget, and make wise spending decisions, to name a few. Unfortunately, many children do not receive any financial education until they are adults. At this point, many of them have already made money missteps. This puts our children at a disadvantage when they start out as young adults. Some end up with crushing debt, poor credit history, or not taking advantage of the time on their side to build wealth, by investing early and wisely.
This article will discuss why it is critical to talk to your kids about money, when you should start, how you can do it, and everything in between.
Why is it important to talk to kids about money?
We already briefly touched on some of the reasons why it is so important to talk to our children about money from an early age. Speaking to kids about money is one of the essential life skills a parent can teach. Money is often one of the most significant sources of stress in adults’ lives. There is also a compounding of both good and bad that can occur when it comes to our finances.
Good financial habits like delaying gratification, living within our means, and practicing gratitude can lead to early financial independence, less stress, fewer fees and more financial options.
On the other side of that coin, there is a high cost for a poor understanding of money management that can lead to increased fees, stress, and poor personal financial outcomes.
This isn’t just a matter of making more money. Yes, earning more can provide more opportunities and maybe even more happiness. However, receiving a hefty paycheck is not the only way to reach financial goals. There are countless stories of people of modest means who have mastered how to manage their cash. These folks go on to amass significant wealth. They are more than capable of supporting their families, having fully funded retirements and emergency funds, and leaving something behind for their loved ones.
All this can only occur if we understand how to manage our money. There is no better time to start to understand sound money management principles than when we are at home with our parents in a safe space. This is the time when children are learning so many other life skills it only makes sense that money management would be part of the learning that will take them through life.
Why YOU should talk to kids about money?
Unfortunately, not all schools include financial literacy in their curriculum. Parents must talk to their kids about managing money early on, and at home. Children who do not get a sound financial literacy education run the risk of poor financial judgment as adults, leading to increased fees, stress, and less earning potential.
Another reason parents need to be the ones to teach their kids about money is that they are their child’s best teachers. Parents provide children with their family values. For example, if your family focuses on being grateful and supporting your community through donations, your teachings will reflect those values.
When should you start talking to your kids about money?
Many parents are hesitant to talk to their children about money. Maybe their parents didn’t talk to them about their finances when they were a child, and they are unsure how to start the conversation. Or perhaps they think they don’t know enough to start talking to their kids about money. But the truth of the matter is that you know way more than your kids. So don’t let your lack of financial expertise hold you back from getting the conversation started. You have real-world experience that is vital to their education.
With that out of the way, if you want to know when you should start talking to your children about money, you should remember it is never too late or too early to talk to your kids about money. Starting early and making the conversation age-appropriate will give your children the most time to absorb money management lessons. It will also help you provide them with lots of time to practice what they have learned.
Remember, when speaking to your kids about money, it is best to be honest. If there is a concept that you are unsure about, rather than giving them what you think might be the best advice, take some time with the question and then come back with the correct answer. There is nothing wrong with asking for some time. This is also a great strategy for most money-related questions, like the day your kids ask “are we rich?”.
How do you start talking about money?
Don’t overthink this one. You talk to your kids about so many different things. Don’t make money a unique topic. It is best to talk about money like it is just another topic.
First, make sure your children know what money is. What do you use money for, and how do we get it? You get as specific as you need to. You can talk about how you get paid or about debt and borrowing. But starting with what money is and how you get it is an excellent place to start.
Once you’ve established the basics, you can move on to other financial literacy topics like how and why we save and budget. You can talk about cash and how to manage money in a digital world.
While talking about the different parts of money management is an excellent start, I think a far better approach is to give your child a chance to practice using money. Allowances are a great way to get your child to practice using money. If you are unsure how to start, this ultimate guide to giving kids allowances will set you on the right track. As you progress, you may want to consider using Apps like My Doh or Greenlight to help you manage allowances.
Should you tell your kids about your finances?
Many parents are hesitant to talk about their finances with their children. I think a lot of the fear comes from parents worrying children will share their information with people outside of the family.
While I understand this fear, I think the benefits outweigh the possible drawbacks. As long as you talk to your child in an age-appropriate way and protect their mental health. Let them know that discussing the family finances is private and should only occur within the family. 
I think you will be surprised by your child’s ability to keep your finances to themselves. And the advantages of including your child can be incredible. So many people never see a bill until they become young adults. When you include your children in the family finances, they will get real-world experience with budging, paying bills, and other financial management skills. Your children will learn how you are paid for the work you do and gain a better appreciation for hard work. They will gain these skills well before they need to flex those muscles, making them well prepared when the time comes.
Should you tell your children about your money problems?
Should you tell your kids about your financial problems? That’s a tricky question. You don’t want them to worry or feel pressure or anxiety. It is critical if you are going to bring your children into your family finances that you do so in a way that protects their mental health.
Talking about money, especially your family’s finances, can be very empowering for a child. Including your child can show that you trust them to be a part of family discussions. But it has to be done without putting undue stress on your child. Ultimately, it’s your decision whether or not to tell them about your financial issues. But if there are financial challenges in the family, it may be good to let your child know only if they are old enough to understand changes in your finances are occurring and why you are readjusting your budgets.
Look for opportunities to give your children a chance to see how real families like yours manage money. Doing so can positively affect their ability to develop positive money habits.
Regardless of whether you bring your children into the discussion, please reassure your children that your family is managing. It is important to protect your child’s mental health. Let them know that they do not need to worry about the finances in the home. Include them, yes, but do not put adult burdens on your child.
How can families help kids learn about money?
One thing to keep in mind as you go down the journey of teaching your children about money is that you are not alone. Everyone in the family can get involved. For example, grandparents have a massive role in teaching children about money. In addition to contributing to savings or paying for college education, their stories are a treasure trove of helpful information for your children to learn.
It may be crazy to hear about how Grandma and Grandpa paid only $30,000 for their house, but this can open up an interesting conversation on inflation or saving. Stories are an excellent way for you and other family members to teach, and the more we can expose our children to different points of view, the more they will learn.
Family members can also get in on the act by paying for small jobs. Note that I didn’t say paying for chores.
How do you explain what money is to a kid?
An excellent way to start explaining what money is to very young children is by using everyday objects familiar to your child. For example, you can use things like candy, toys, or even food to help explain the concept of exchanging money for goods and services. 
Another way to explain money is by giving your child a small allowance. This will give them a chance to set their own savings targets to save up for things they want and also how to spend cash wisely. You can also talk about budgeting and how different kinds of bills work.
How do I teach kids that money is important?
It is important that children learn about money early on and develop a positive attitude towards it. This includes understanding that money may not be able to buy you happiness, but it does buy you options.
To help kids understand from an early age that money is important, ensure that you talk about money with your kids. Share your money stories, and be open to answering their questions in an age-appropriate and honest way. Children are naturally curious. They will notice that we use money to get what they want. But that curiosity doesn’t provide clarity. So be sure that you help demystify what money is and how it is earned, protected and why it sometimes feels good to give it away. This way, they’ll be well-versed in the topic when they need it.
How do you teach money skills?
There are many finace-related skills that children will need to learn. Children will need to learn how to earn, budget, save, invest, manage credit and debt and how to protect their money just to name a few. One of the best ways to teach money skills is to have your children practice the skill. For example, if you want to have your child learn how to manage credit and debt then you will have to lend them money. This will help them learn the habit and skill of repaying money owed.
Similarly, if you want to teach your children about budgeting you can ask them what they would do if you gave them $100, $1,000 or $1,000,000. Ask them how they would spend it. Would they save any of it? What would they buy or give away? This will help them learn about budgeting and responsible spending. It can also teach them about the value of money and how to make wise choices with their finances.
Telling your children your financial stories will also help them understand personal finance skills. They will learn what to do and not do by hearing what you’ve done. Your experiences will help to inform and guide them.
Lastly, if you can allow them to practice using real money, the practical hands-on skills they develop will help carry them through to adulthood.
How do I teach my little kids about money?
There’s no one-size-fits-all answer when it comes to teaching little kids about money. All children are different and will learn at their own pace, but here are a few tips that can help. First, try to notice what your children see. For example, if they notice you pay for things, that can be an excellent place to start.
Start with the basics, and don’t assume your young children know anything. For example, you may need to explain what money is and that it can help you buy things you want and help you pay for something you need. So the first step in teaching your children about money is to make sure they understand the basics. Teach them what money is, how it works, and why it is important. Once they know these, you can move to how and why we save.
One way to help teach young children is via role-playing. For example, get a little cash register and start playing grocery store or restaurant. These activities will help enlighten you about what your child thinks about money, where it comes from, and how they should be using it.
Start early by showing your children how you spend and save. Modeling good financial habits by setting a good example yourself is also a great way to start the conversations on the right foot.
How do I teach my grade school-aged children about money?
Once your child understands the basics, it is time to up the ante. One of the best ways to help children aged six and up to learn about money is to give them a chance to practice using it. Allowances are a fantastic tool for grade school-aged children to learn about money. 
An allowance gives them a chance to practice using their own money to save, spend, budget and give. If you start in cash for the younger ages, you give them a chance to hold and touch money, which can help them get a better handle on money, rather than using apps.
Once children are a little bit older, allowance management apps like MyDoh or Greenlight can be helpful. It may also be a good idea to get rid of the piggy banks and open their first bank accounts as children get older.
All of these methods will give your older children opportunities to practice using money in real-world earnest, which is one of the best ways to help children gain the skills, habits and confidence they will need to manage their own money once they are out on their own.
How do I teach my teenagers about money?
If you have been working with your children from a young age on their financial education, they should have a solid handle on many financial concepts by the time they get to be teenagers. Toss the piggy banks and give them even more control over their spending.
I would suggest letting your child manage a budget once they become teens. For example, allowing them to manage a clothing budget or back to school or lunch budget is an excellent way to start taking more accountability for the money they have.
At this age, you may want to start talking about what children may want to do after high school. Do this by asking what they may want to do for five years, instead of “what do you want to do when. you grow up?“.
This is also an ideal age for first jobs so that children can start learning the value of money.
Should I let my child spend their own money?
One of the best ways to teach financial literacy is by example. Parents should show their children that they are responsible with their own cash by being mindful about spending and saving. Parents can also help their kids develop good money habits by giving them an allowance and letting them make choices about what to do with it. As children get older, parents can gradually give them more responsibility for managing their finances.
One of the biggest challenges once kids start spending their own money is letting them take control of the spending. While it may not be easy seeing so many new toys coming into the house, giving children control of their spending is very empowering and a powerful lesson.
Should kids get paid for chores?
No, no and well, probably not. As a citizen of the house, chores are just something that needs to get done. As adults, we don’t get paid to care for ourselves and our environment, and I don’t think children should either.
Many parents like the idea of giving kids cash for chores because they feel like the incentive will 1. Help to make sure the chores get done, and 2. They don’t like the idea of giving an allowance that isn’t tied to any work since it will give the child an unrealistic view of earning money or the value of money.
The problem with number one is that if you pay for chores, you risk falling into the Pay for Chore trap. When your child decides they do not need or want your money, the chores will not get done, and you don’t have much recourse. Now chores are not done and your child does not get an opportunity to practice using money. It is a lose-lose.
The second reason many parents do not like the idea of giving money without having to work for it, is that they feel like children will not understand the actual value of money. While this makes sense, it is the one money lesson that I do not fear children will struggle to learn. As long as children have an opportunity to get their first jobs, those jobs will quickly teach your child the value of money. A boss who can fire your child for poor work or tardiness is in a much better position than most parents to teach the value of money.
Should I give my child an allowance?
If your finances can support giving your child an allowance, I would encourage you should do it. An allowance is a great tool to help teach money management. Having access to cash provides your child with practical opportunities to practise using money. Those opportunities are invaluable and should be sought after when possible and as early in life as possible.
With that said, every family’s financial situation is unique. So whether or not you provide an allowance will depend on what you can afford and what is feasible for your budget.
When should I start giving my child an allowance?
Parents should consider the child’s age, maturity and financial understanding when deciding when to give their child an allowance.
Some parents give their children an allowance as young as five or six years old, while others wait until the child is older, perhaps 10 or 11. Ensuring your child has basic numeracy skills is one signal your child is ready to start an allowance. If they are able to identify, add and subtract coins and bills they are ready to start managing their own cash.
Remember, an allowance is just a teaching tool that can help children learn about responsible spending and saving habits, but it is not the only tool.
How much should I give my child for their allowance?
How much you give will depend on your personal family budget. A general rule is to give between $0.50 to $1.00 for each year. So a child who is 6 years old would receive between $3.00 – $6.00. It is also a good practice to start small and increase the amount you give annually.
You also do not want to give so much in an allowance that it discourages the child from working to earn more money for bigger ticket items.
What are alternatives to giving my child an allowance?
Giving your child an allowance is a great way to help them learn about budgeting and money management. However, if you’re looking for alternatives to giving your child an allowance, there are plenty of options available. One option is to seek parts of your budget that you had intended to spend on your child. For example, back to school or lunch, give that to your child to manage instead of an allowance. This way, your child will learn how to manage money while also developing a sense of responsibility.
Another alternative is to help your child find their first job. For example, first jobs could include dog walking or yard work for neighbours. This will help them learn about earning and allow them to practice other financial skills.
Talking to your kids about money wrap up.
There are many different reasons and ways to speak to your children about money. The important part is to start early and have regular conversations. Be open and honest with them. Explain the basics of money like how to save and spend wisely. Give them an allowance if you can afford to. If you can’t, there are many ways to give them a chance to practice using money in the real world. Please encourage them to ask questions and talk to you about any concerns they have.
No matter what, be sure to listen to what your kids say. They might have some great ideas about saving money or how to make extra money. And always remember that it’s never too early or too late to start teaching your child about money.
Teaching financial literacy is one of the best ways to prepare your kids for adulthood.
Talking to kids about money is important for a few reasons:
- It helps them understand how money works and how to save for the future.
- It teaches them how to budget and spend wisely.
- It reinforces positive financial habits.
- It can help prevent money problems down the road.
One way to help kids develop strong personal finance skills is to talk to them about money. This can start as early as toddlerhood when you can teach them the value of a dollar. You can also speak to them about the importance of saving for college, or a rainy day and avoiding unnecessary debt. Then, as your child gets older, you can continue to talk to them about financial topics such as investing, retirement planning, and wealth building. Conversations can run the gambit from why investing in trading cards is like gambling to what is inflation.
The sooner kids start learning about money, the better off they will be in the long run. By doing all of this, you can help your kids become responsible and financially savvy adults.
Should you tell your kids about your finances?
Many parents are hesitant to talk about their finances with their children. I think a lot of the fear comes from parents worrying children will share their information with people outside of the family.
While I understand this fear, I think the benefits outweigh the possible drawbacks. As long as you talk to your child in an age-appropriate way and protect their mental health. Let them know that discussing the family finances is private and should only occur within the family. I think you will be surprised by your child’s ability to keep your finances to themselves. And the advantages of including your child can be incredible. So many people never see a bill until they become young adults. When you include your children in the family finances, they will get real-world experience with budging, paying bills, and other financial management skills. Your children will learn how you are paid for the work you do and gain a better appreciation for hard work. They will gain these skills well before they need to flex those muscles, making them well prepared when the time comes.
Should you tell your kids about your money problems?
Should you tell your kids about your money problems? That’s a tricky question. You don’t want them to worry or feel pressure or anxiety. It is critical if you are going to bring your kids into your family finances that you do so in a way that protects their mental health.
Talking about money, especially your family’s finances, can be very empowering for a child. Including your child can show that you trust them to be a part of family discussions. But it has to be done without putting undue stress on your child. Ultimately, it’s your decision whether or not to tell them about your money issues. But if there are financial challenges in the family, it may be good to let your child know only if they are old enough to understand changes in your finances are occurring and why you are readjusting your budgets.
Look for opportunities to give your children a chance to see how real families like yours manage money. Doing so can positively affect their ability to develop positive money habits.
Regardless of whether you bring your children into the discussion, please reassure your children that your family is managing. It is important to protect your child’s mental health. Let them know that they do not need to worry about the finances in the home. Include them, yes, but do not put adult burdens on your child.
How can families help kids learn about money?
One thing to keep in mind as you go down the journey of teaching your children about money is that you are not alone. Everyone in the family can get involved. For example, grandparents have a massive role in teaching children about money. In addition to contributing to savings or paying for college education, their stories are a treasure trove of helpful information for your children to learn.
It may be crazy to hear about how Grandma and Grandpa paid only $30,000 for their house, but this can open up an interesting conversation on inflation or saving. Stories are an excellent way for you and other family members to teach, and the more we can expose our children to different points of view, the more they will learn.
Family members can also get in on the act by paying for small jobs. Note that I didn’t say paying for chores.
How do you explain what money is to a kid?
An excellent way to start explaining what money is to very young children is by using everyday objects familiar to your child. For example, you can use things like candy, toys, or even food to help explain the concept of exchanging money for goods and services.
Another way to explain money is by giving your child a small allowance. This will give them a chance to set their own savings targets to save up for things they want and also how to spend money wisely. You can also talk about budgeting and how different kinds of bills work.
How do I teach kids that money is important?
It is important that kids learn about money early on and develop a positive attitude towards it. This includes understanding that money may not be able to buy you happiness, but it does buy you options.
To help kids understand from an early age that money is important, ensure that you talk about money with your kids. Share your money stories, and be open to answering their questions in an age-appropriate and honest way. Children are naturally curious. They will notice that we use money to get what they want. But that curiosity doesn’t provide clarity. So be sure that you help demystify what money is and how it is earned, protected and why it sometimes feels good to give it away. This way, they’ll be well-versed in the topic when they need it.
How do you teach money skills?
There are many money-related skills that children will need to learn. Children will need to learn how to earn, budget, save, invest, manage credit and debt and how to protect their money just to name a few. One of the best ways to teach money skills is to have your children practice the skill. For example, if you want to have your child learn how to manage credit and debt then you will have to lend them money. This will help them learn the habit and skill of repaying money owed.
Similarly, if you want to teach your children about budgeting you can ask them what they would do if you gave them $100, $1,000 or $1,000,000. Ask them how they would spend it. Would they save any of it? What would they buy or give away? This will help them learn about budgeting and responsible spending. It can also teach them about the value of money and how to make wise choices with their finances.
Telling your children your financial stories will also help them understand personal finance skills. They will learn what to do and not do by hearing what you’ve done. Your experiences will help to inform and guide them.
Lastly, if you can allow them to practice using real money, the practical hands-on skills they develop will help carry them through to adulthood.
How do I teach my little kids about money?
There’s no one-size-fits-all answer when it comes to teaching little kids about money. All children are different and will learn at their own pace, but here are a few tips that can help. First, try to notice what your children see. For example, if they notice you pay for things, that can be an excellent place to start.
Start with the basics, and don’t assume your little kids know anything. For example, you may need to explain what money is and that it can help you buy things you want and help you pay for something you need. So the first step in teaching your children about money is to make sure they understand the basics. Teach them what money is, how it works, and why it is important. Once they know these, you can move to how and why we save.
One way to help teach young children is via role-playing. For example, get a little cash register and start playing grocery store or restaurant. These activities will help enlighten you about what your child thinks about money, where it comes from, and how they should be using it.
Start early by showing your children how you spend and save money. Modeling good financial habits by setting a good example yourself is also a great way to start the conversations on the right foot.
How do I teach my grade school-aged children about money?
Once your child understands the basics, it is time to up the ante. One of the best ways to help children aged six and up to learn about money is to give them a chance to practice using it. Allowances are a fantastic tool for grade school-aged children to learn about money.
An allowance gives them a chance to practice using their own money to save, spend, budget and give. If you start in cash for the younger ages, you give them a chance to hold and touch money, which can help them get a better handle on money, rather than using apps.
Once children are a little bit older, allowance management apps like MyDoh or Greenlight can be helpful. It may also be a good idea to get rid of the piggy banks and open their first bank accounts as children get older.
All of these methods will give your older children opportunities to practice using money in real-world earnest, which is one of the best ways to help children gain the skills, habits and confidence they will need to manage their own money once they are out on their own.
How do I teach my teenagers about money?
If you have been working with your children from a young age on their financial education, they should have a solid handle on many financial concepts by the time they get to be teenagers. Toss the piggy banks and give them even more control over their spending.
I would suggest letting your child manage a budget once they become teens. For example, allowing them to manage a clothing budget or back to school or lunch budget is an excellent way to start taking more accountability for the money they have.
This is also an ideal age for first jobs so that children can start learning the value of money.
Should I let my child spend their own money?
One of the best ways to teach financial literacy is by example. Parents should show their kids that they are responsible with their own money by being mindful about spending and saving. Parents can also help their kids develop good money habits by giving them an allowance and letting them make choices about what to do with it. As kids get older, parents can gradually give them more responsibility for managing their finances.
One of the biggest challenges once kids start spending their own money is letting them take control of the spending. While it may not be easy seeing so many new toys coming into the house, giving children control of their spending is very empowering and a powerful lesson.
Should kids get paid for chores?
No, no and well, probably not. As a citizen of the house, chores are just something that needs to get done. As adults, we don’t get paid to care for ourselves and our environment, and I don’t think children should either.
Many parents like the idea of giving kids money for chores because they feel like the incentive will 1. Help to make sure the chores get done, and 2. They don’t like the idea of giving an allowance that isn’t tied to any work since it will give the child an unrealistic view of earning money or the value of money.
The problem with number one is that if you pay for chores, you risk falling into the Pay for Chore trap. When your child decides they do not need or want your money, the chores will not get done, and you don’t have much recourse. Now chores are not done and your child does not get an opportunity to practice using money. It is a lose-lose.
The second reason many parents do not like the idea of giving money without having to work for it, is that they feel like children will not understand the actual value of money. While this makes sense, it is the one money lesson that I do not fear children will struggle to learn. As long as children have an opportunity to get their first jobs, those jobs will quickly teach your child the value of money. A boss who can fire your child for poor work or tardiness is in a much better position than most parents to teach the value of money.
Should I give my child an allowance?
If your finances can support giving your child an allowance, I would encourage you should do it. An allowance is a great tool to help teach money management. Having access to money provides your child with practical opportunities to practise using money. Those opportunities are invaluable and should be sought after when possible and as early in life as possible.
With that said, every family’s financial situation is unique. So whether or not you provide an allowance will depend on what you can afford and what is feasible for your budget.
When should I start giving my child an allowance?
Parents should consider the child’s age, maturity and financial understanding when deciding when to give their child an allowance.
Some parents give their children an allowance as young as five or six years old, while others wait until the child is older, perhaps 10 or 11. Ensuring your child has basic numeracy skills is one signal your child is ready to start an allowance. If they are able to identify, add and subtract coins and bills they are ready to start managing their own money.
Remember, an allowance is just a teaching tool that can help children learn about responsible spending and saving habits, but it is not the only tool.
How much should I give my child for their allowance?
How much you give will depend on your personal family budget. A general rule is to give between $0.50 to $1.00 for each year. So a child who is 6 years old would receive between $3.00 – $6.00. It is also a good practice to start small and increase the amount you give annually.
You also do not want to give so much in an allowance that it discourages the child from working to earn more money for bigger ticket items.
What are alternatives to giving my child an allowance?
Giving your child an allowance is a great way to help them learn about budgeting and money management. However, if you’re looking for alternatives to giving your child an allowance, there are plenty of options available. One option is to seek parts of your budget that you had intended to spend on your child. For example, back to school or lunch, give that to your child to manage instead of an allowance. This way, your child will learn how to manage money while also developing a sense of responsibility.
Another alternative is to help your child find their first job. For example, first jobs could include dog walking or yard work for neighbours. This will help them learn about earning and allow them to practice other financial skills.
Talking to your kids about money wrap up.
There are many different reasons and ways to talk to your kids about money. The important part is to start early and have regular conversations. Be open and honest with them. Explain the basics of money like how to save and spend wisely. Give them an allowance if you can afford to. If you can’t, there are many ways to give them a chance to practice using money in the real world. Please encourage them to ask questions and talk to you about any concerns they have.
No matter what, be sure to listen to what your kids say. They might have some great ideas about saving money or how to make extra money. And always remember that it’s never too early or too late to start teaching your kids about money.
Teaching financial literacy is one of the best ways to prepare your kids for adulthood.
Talking to kids about money is important for a few reasons:
- It helps them understand how money works and how to save for the future.
- It teaches them how to budget and spend wisely.
- It reinforces positive financial habits.
- It can help prevent money problems down the road.
One way to help kids develop strong money management skills is to talk to them about money. This can start as early as toddlerhood when you can teach them the value of a dollar. You can also speak to them about the importance of saving for college, or a rainy day and avoiding unnecessary debt. Then, as your child gets older, you can continue to talk to them about financial topics such as investing, retirement planning, and wealth building. Conversations can run the gambit from why investing in trading cards is like gambling to what is inflation.
The sooner kids start learning about money, the better off they will be in the long run. By doing all of this, you can help your kids become responsible and financially savvy adults.