Not sure how to teach your kids about money? It’s an important topic but sometimes it’s hard to know where to start, especially since talking to kids about money can be surprisingly awkward.
As parents, we all know there are going to be some tough conversations we are going to have to have with our kids. The birds and the bees come to mind. I can recall a very awkward conversation how I was going to nurse my twins with my, then, toddler.
Do you ever think of money as being one of those hard conversations?
It turns out, money can be really hard to talk about with our kids and a good portion of us just stay silent, sending our kids off into the world with no clue how to manage their money or deal with financial bumps along the way.
Beth Kobliner is out to change that with her new book, Make Your Kid a Money Genius (Even If You’re Not).
This book is a must-read for all parents, with age-appropriate advice for kids of all ages.
How do you teach your kids about money?
As a mom of 6, I end up having a lot of awkward conversations with my kids. Conversations about money have definitely played their role in that. I’ve always tried to make an effort though because I believe that having a strong grasp on money can help my kids in the future. Money certainly can’t buy happiness, but lack of money definitely causes a lot of stress. I think it is so important for kids to learn how to manage, save, and earn money while they are young and the consequences of a failure are not as severe as a slip up in their adult years.
Beth Kobliner has some fantastic, straight-forward, advice for parents. She recommends a few don’ts when it comes to talking to your kids about money:
- Don’t tell them what your salary is.
- Don’t tell them which parent earns more money.
- Don’t tell them how much you have in your 401k.
- Don’t tell them how much you pay the babysitter.
- Don’t tell them how much you spend on a gift.
- Don’t share your worries about paying for college.
I’ve broken a few of those rules (you probably have too), but after reading why she recommends you not overshare in those areas, I can see the wisdom in it. Like so many things about money, when we know better, we do better.
We always want to make sure the information we are sharing with our kids is age-appropriate. Clearly a teenager has a better ability to under stand (and more need of) more detailed financial advice than a 6 year old. That doesn’t mean a 6 year old can’t learn a thing or two though.
Make Your Kid a Money Genius (Even If You’re Not) is broken up into sections that target each age group, which I love. As a mom with kids in multiple age groups, it is so helpful to be able to find advice specific to my situation right away.
Not all of the advice in this book is specific to money matters . . . at least not on the surface. For example, one of the recommendations in the preschool section is to teach your kids that it is not okay to skip the line. On first glance, that doesn’t do much to teach your kids about money, but as Beth explains, you are teaching your kids to have patience. Kids with self-control will be better able to show self control in financial matters as they grow.
So how do you teach your kids about money?
You know your kids best. Like most things parenting, sometimes you have to play things by ear a bit, but here are a few guidelines to follow:
- Give your kids age-appropriate financial lessons and build on those year after year.
- Teach them that sometimes in life we have to be patient, whether that means saving our money to buy something we want or waiting in line.
- Teach them that learning to save their money can save them a lot of stress later on.
- Teach them to work. This can start with small household chores and lead into a part-time job in high school.
- Let your kids take the lead. If this means they have a less-than-perfect lemonade stand vs. something Pinterest perfect, that’s okay.
- Walk the walk. Even if you are not a money genius, you can work on improving your money skills bit by bit. Work to make good financial choices. Your kids are watching.
If you want to be sure you are teaching your kids about money the right way, definitely read Make Your Kid a Money Genius (Even If You’re Not). This book is a must-read for every parent and gives you a great start at setting your kids up for financial success.
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