As a parent, you do everything you can to prepare your children for the real world. But are your kids money-savvy and knowledgeable about finances?
Beyond receiving an allowance, many of us didn’t receive many lessons about money from our parents. It’s one of those topics that can become taboo in many families. Whether it’s because of a tight budget, religious reasons or pure unwillingness, American families avoid discussing money with their children, even when they grow older.
To be honest, “money talk” shouldn’t be limited to a piggy bank and a vague recommendation to save for the future. Being financially educated involves knowing not only that you should save, but how to manage money wisely and stick to a budget. As an adult, you can even share your own mistakes with your children in the hopes that it helps them.
It shouldn’t be too complicated to teach your children financial literacy. In fact, you can turn daily activities into learning opportunities for every member of the family. Grocery shopping, for example, can be a great learning experience if you and your kids talk about why you shop as you do. What do you consider a splurge? Which items do you buy generic, and which are name-brand? The possibilities are endless, and once you’re on the lookout for them, you’ll see them everywhere!