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Eight Tips to Talk to Your Kids About Money |
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It's not always easy to talk with your kids about money. But by
preparing yourself, you can help make the conversation a good one.
You can bet your children will be interested. Young people view
managing money as a symbol of maturity and independence. Discussing
personal finance with them shows that you see them as responsible young
adults.
To help ensure a successful conversation, keep these tips in mind.
1. Approach the discussion with a positive attitude.
2. Set a tone of confidence, openness, and trust.
3. Laughter always helps. Lighten the mood with a joke.
4. Make the talk an equal exchange, not a lecture.
5. Ask plenty of questions, and listen carefully to the answers.
6. Don't talk down to your child.
7. Don't bring up old financial disagreements you may have had with your children.
8. Make sure your kids know they can always turn to you for financial advice, information, or help.
To get the process started, involve your children in some of your family's typical financial matters:
# Plan vacation budgets or major-purchase payment plans.
# Budget for groceries and other necessities.
# Pay your family's monthly bills.
# Balance the checkbook against your monthly statement.
# Comparison shop for lower prices.
# Review your credit-card statement together.
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Brought to you by College Parents of America.
Source: Money Talks, Co-sponsored by MasterCard International and College Parents of America
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