![]() Nothing teaches your kids money management better than introducing them to the ways you track money (without overwhelming them). It teaches about how to read a receipt, and it also shows how expenses can add up. For example, when they ask why you don’t buy the most expensive brands, perhaps you show the whole grocery bill. Use the opportunity to introduce other ideas or concepts that are important to know. Don’t stop with a simple answer to your kids’ questions. By the time they reach the teen years, most kids will be able to keep things confidential if you ask them to. When kids get older, you may reach the point that they can know how much you make, the value of your home, or other information that some people consider sensitive. They also help think about priorities in your family’s budget. Instead, you might say: “That’s not in our budget,” or “Let’s talk about whether to get that later after we’ve thought about it.” Those responses can help kids learn planning and to delay gratification. Sometimes it’s easiest to say, “We can’t afford it”-which may be true, but misses a teachable moment. They don’t have to know it all right now. The goal is for them to be ready to manage money on their own when they’re more independent. Start with what they can really understand, and build over time. ![]() When children talk about their fears, you can address them directly-not by saying they’re irrational, but by reassuring them and correcting any misperceptions. Children sometimes interpret situations as being worse than they really are. That’s why some families create boxes for allowance, putting coins for portions into different boxes, such as spend, save, and give. Find concrete ways to show how money works. So many parts of money are abstract-particularly when more and more money use happens through plastic or an app. Before launching into an in-depth discussion in response to a question, first ask, “Why do you ask?” It lets you know what’s on your child’s mind so that you can tailor your response to the real question at hand-not something that will just go over their head. How much do you make? How much is our rent? Are we poor? Are we rich? Why can’t I go to any college I get into? Try these tips to maintain open communication with your kids while also helping them learn how they can responsibly handle money themselves. Talking about money-particularly your own money-can be hard for many parents.
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