“Money Discussions” Archive
May
7
With Mother’s Day rapidly approaching–this Sunday in case you forgot to get a card–what better time to take time out and talk to your kids about money. Yes, celebrate the day by making mom, grandma or stepmom as special as she can be, but why not take advantage of the “family time” and talk money with your kids. For many, this conversation is about as appealing as talking to your kids about the “birds and the bees”, but I assure you it will be time well spent. I can’t recall my folks EVER talking to me about money, saving, credit cards or any of those things. This DOES NOT mean I blame them for my financial woes, it just means that we didn’t talk about it. In case you absolutely no idea about how to talk to your kids about money, here are some good resources (in my opinion):
- MyVesta.com has a good information packet on how to talk to your kids about money, with specific advice for different age groups
- Money Magazine has an excellent series of lessons on Kids and Money, including Saving and Spending and Allowances
- Janet Bodnar at Kiplingers.com writes a column called Money Smart Kids. The archive has links to some fantastic articles with hands-on suggestions designed to introduce kids to the financial world
- Marketwatch.com has a great listing of useful financial education websites for kids of varying ages
- Forbes.com has Seven Tips to Teach Your Child About Money
Of course, your bank/credit union website is also very likely to have a section on financial education for kids. Many companies, including Washington Mutual, have programs in place to work with teachers and schools to offer hand-on, age appropriate classes in personal finance. For all you teachers out there, this might be of particular interest!
I think the most important lesson to teach your children about money is that it doesn’t grow on trees and that saving needs to become a habit, even at an early age. That will be one habit you can only hope your children pick up!
