Talking with Children about Money

Then children are old enough to ask for toys, special treats, and things they want, they are old enough to be introduced to the value of money. The best conversations are those that focus on everyday experiences that you may have with a child. Teachable moments can happen anytime you are together.

1.- Visiting your local bank branch or using an ATM

When you go to the bank, bring your children with you and show them how transactions work. Ask your banker to explain how the bank operates, how money generates interest, and how an ATM works. Ask the manager for a tour. This is a great time to explain about to save money so you can access it when you need it.

2.- A Trip to the Grocery Store

A perfect location to discuss the difference between needs and wants. Depending on the child’s age, they can also learn how quickly things add up and how budgeting is important.

3.- Planning a Vacation

Prepare for adventures and a great discussion on prioritizing activities, time, and money so that you can make your vacation extra special.

4.- Normal Day At Home

Chores, responsibilities, what includes financial compensation and what does not. Explain how when you work you receive a paycheck but that it does not all go directly into your pocket!