How to talk to your kids about finances
Money and finances are often taboo subjects to talk about, sometimes even with your own kids.
At Tyndall, we think it’s important for parents to be positive financial influences on their children. We want to help by giving you a few helpful tips on how to talk to your kids about finances.
- Be open to answering questions: You don’t have to tell your kids everything about your income and expenses, but it’s best to not completely shelter them from financial topics, either. Start talking to your kids about money at a young age, in order to prepare them for the future. Instead of saying, “You don’t need to worry about that right now,” try to answer their questions about money as best you can, in a way that they’ll understand.
- Give your kids a saving tool: As cheesy as it sounds, a piggy bank is a great saving tool for kids. But why not shake it up a bit? Instead of using a traditional piggy bank, use a glass jar. This way, your kids can see how much money is going in and out of their “bank".
- Show, don’t just tell: We can tell our kids all day long that things cost money, but the lesson is better taught by letting them see for themselves. If there’s an item in a store that your children have their eyes on, encourage them to earn and save money to buy that item. That way, they will see that you have to “work” and save for what you want. Then, when they have some money saved, help them grab a few dollars out of the piggy bank to buy what they wanted. When you are at the store, let your children physically hand the money to the cashier, so they can see for themselves how the exchange works.
Setting your child up for a successful financial future is one of the most important things you can do as a parent. Let’s prepare the next generation of savers for a brighter future!