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How Much Should Your Kids Know About Your Finances?

by Joshua D. Scroggin
April 16, 2019
No one is born knowing the value of money. Make a plan for getting the point across to your kids.

We've all heard the saying, "money doesn't grow on trees." 

It's mostly a saying because none of us are born really knowing how we make money. Well, in terms of questions your kids may ask about where things come from, this might be an easier one, but you still should have a strategy for filling them in. Let these few tips help guide you. 

  • Translate the time is takes to earn money. You can tell your young children there’s not enough money in the budget for a new toy or pair of shoes. You also could consider saying something like “We have to work three hours to make the money to pay for a family meal at their favorite restaurant.” This helps them understand where money comes from and keeps them focused on the right things.
  • Let them see you manage your bills. Show your children—particularly older ones—your bills. Let them see where your money goes, how much is put into savings, and how much is left to freely spend.
  • Showcase good habits. Have your kids see you make lists for shopping (whether for clothes or groceries). Let them see you place money into savings or a budget jar for a large wish item or vacation. Getting kids involved in these and other good habits can help to organically create good behavior in them.
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