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How to Talk to Children about Money

Most parents talk to their children about education, sports, politics, friends etc. but the one thing most tend to neglect is money matters. Either they think it is not the right time or age to provide financial coaching or they simply do not know where to begin. Here are five tips that instruct you how to teach money matters to teens:

1. Budget and prudent spending

Teach your teenagers how to stay within a budget. They might not be earning an income themselves but they can be provided a sum to instill the habit of prudent spending. An instance, in this case, is shopping for the new school year. Assign a limited amount and let them purchase all the necessities within the budget. If they spend well and end up with a remaining amount, you can reward them by allowing them to keep the money. Instilling prudent spending habits from a young age can prove highly beneficial in the long run.

2. Money master or slave

Become their financial coach and teach them the difference between a money master or slave. Gaining control of financial decisions from teenage will inculcate the skill of handling money matters in an efficient manner. After all, it is wiser to be master of money rather than a slave to it.

3. Savings

If teenagers start saving money today, they will end up with a larger sum as compared to when they begin at 30 or 40. Putting aside even a small sum can make a large difference for them in the future.

4. Goal setting

As their financial coach and parent, it is imperative that parents teach them how to set goals in life in general but more specifically in money matters. If your kid wants to buy a phone or anything else, help them learn in terms of how to save for that item. If they get pocket money every month, they should be taught to set aside a part of it when they receive it.

The sooner these steps are put into action with your teenager, the sooner they will learn how to manage money. After all, parents have the experience and learned skills pertaining to money matters. What’s better than to pass them on to your own children?


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    • Very realistic..

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      • Good one

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