7 Tips For Talking to Your Kids About Money
Last week, I was grocery shopping with my 4-year-old son, already a cringe-worthy task that became more so when I saw that they'd moved the LaCroix I wanted across the aisle from a display of Imaginext toys I knew he was going to want (curse you, big-box store!).
"Buddy, Mommy has to go grab some water over there, and I see a lot of toys you like nearby, but we aren't buying any today," I warned him. Surprisingly to nobody, he wasn't satisfied with my answer. "Just one toy?" he countered. "I'm sorry; I don't have money for toys today," I responded. Why, he asked, did I have money for flavored sparkling water, yogurt tubes, and the dozens of other items in our cart, but not $7 for the Imaginext Mummy Maker he had just that second decided he couldn't possibly live without?! And, if that was truly the case, couldn't I just use that magic card that always seems to give me more money?
What proceeded was one of many conversations about the complexities of money in general and our family's finances specifically that I've had with my children, ages 4 and 7. Sure, they might be too young to understand stocks and mutual funds, but teaching them about the realities of money is part of my job as a parent, and nope, it's not too early to begin. If you're struggling with how to talk to your kids about money, here are seven tips to get the conversation started.