My father gave me the gift of financial literacy and it was one of the greatest gifts he gave me. Everyone handles money and makes decisions every day on how to use their money. Too often kids leave home without even a basic understanding of how money works. This doesn’t happen because they have bad parents, but is the result of many pervading myths, including the belief that money isn’t discussed within the home.
If you’re like me, you want to give your kids the tools to succeed in life and that includes financial literacy. This knowledge isn’t always meet with much enthusiasm as some parents don’t feel prepared to be the teacher. I understand but you are more qualified than you may realize. The majority of what you need to teach your kids are the things that you are (hopefully) doing today.
The best thing parents can do is openly talk to their kids about money. Don’t let money remain a taboo topic in your home. Here are a few easy ways to start the conversations.
This is just a small sampling of some of the ways you can teach your kids about money. You can find more details and additional lessons to teach your children in my downloadable workbooks. If you do these lessons consistently, you can instill good money habits in your kids and help them build a positive relationship with money. Edutopia put together a great infographic showing the impact financial education has kids.
One thing I consistently hear from readers and clients is that they wish their parents had talked to them about money when they were growing up. It’s time to break the silence and start talking to kids about how money works. It does make a difference in their lives.
The Heavy Purse Store is now open! My new downloadable Money Club Workbooks—based on age or level of expertise—are now on sale. Each workbook provides five targeted lessons to help you grow Money Smart Kids. Please check them out in The Heavy Purse Store.
SHANNON RYAN, CFP®
Thanks for this infographic.
I tell you, the advice you give is right on. I've seen my two younger teens really change their mindset about money. Marisa wanted to buy a bag today and I was reluctant but she had a $10 off coupon and 20% off that she used and she saved more than half of the item. It was a bag for school so that was a great purchase.
Now they're focused on saving for college and looking at sites for buying used books and stuff like that, so thanks for all your advice! I'm starting to like my teens ;).... lol.
Happy Monday hon!
That is fantastic that your kids are really getting the hang of making thoughtful money decisions. They are developing a great money mindset and you should be proud of them! You have a great week too!