Kids and Money: When to start the conversation?
Written by New Ventures Maine | Published on April 28, 2016
It’s never too early to start teaching your kids about saving, budgeting, and other money basics. While it may seems like a complicated topic there are many activities you can have your children do to help them learn about money in a fun and stress-free way.
If you do not feel confident in your own skills with money, it may be a good idea to review the Money Guide on our website to build your knowledge and skills about money. This will help to refresh your brain with some tips and strategies that can help you increase your money confidence. You can also watch videos and read articles at Better Money Habits that might help you talk with your child. If you are still feeling uncomfortable talking about money, consider taking a more in depth class at New Ventures Maine.
Depending on the age of your child, there are things you can do to educate them about money. Here are a few resources and ideas:
- Smart About Money has some simple ideas and tips that you can choose from.
- There are also some great activities that you can do with your children that you can find at Money As You Grow.
- Finding age appropriate games such as Monopoly, the Game of Life, or online games such as the ones available at Hands On Banking could help them get used to some money related words.
- Many banks may also have some kids appropriate items that they have created and may be available upon request.
- For younger kids, Sesame Street has teamed up with PNC Bank and has some great videos and ideas you can view here.
- Are you a current parent who pays an allowance or thinking about starting to? This can be a great way to teach your children about the importance of money. Here is an article that can provide some guidance on how to get this started for younger children. If you have an older child, check out this article for some advice on how to allowances can work for them.
Don’t have kids yet? No problem, you can get prepared to expand your family. We have some tips for you as well. New parents, or soon to be parents, have a lot going on to prepare for a new arrival. Here is a helpful list of things you can do get started making sure you are financially ready for your new arrival.
Every parent wants the best for their children. Teaching them about money can help them to be able to live out their dreams and be successful. It is one of the most important lessons parents can give to their kids.