Talking about money can be like going to the dentist. We love the results but can we skip the drilling? - Cindy Morgan-Jaffe
Raising Money-Smart Kids
As parents or guardians, we want to raise money-smart kids so that they grow up to be happy and secure.
We want them to...
Learn about earning, spending, saving, and giving.
Know how to manage their money.
Avoid mistakes we make.
Unfortunately, a majority (70%) of kids ages 8-14 fail to learn these things because:
Over 60% of us are reluctant to discuss money matters with them.*
We have our own lack of information or unhealthy money habits as individuals or couples.
We run into disagreements over the best way to handle this vital dimension of parenting.
Start with You
Raising money-smart kids starts with understanding your relationship with money and what you're modeling for your children.
For example, if you want to teach them to be financially responsible, reflect on how you model that behavior.
If you go out to eat, how did you decide who would pay?
If you go on vacation with your parents, do you expect them to pay for you even if you can afford it?
If you’re in a serious partnership, how do you distribute financial responsibilities and how’s that going for you?
The saying, “The buck stops here,” is a way of clarifying financial responsibility. The “buck” either stops with you, or you pass it along. For example, if you assume your husband will take care of you financially, you could regret it if you get divorced or he becomes unable to support you. In this case, you’re passing the buck along by expecting support. Instead, you could have the buck stop with you by being clear about and discussing your responsibilities and agreeing on a system for checking in and accountability.
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