How to Talk to Your Kids about Money

How soon is too soon to talk to your kids or grandkids about money? 

If they're old enough to ask for a toy or bike, they're old enough to start learning financial lessons. The best ones are part of everyday life. Here are some examples of teachable moments to help you get started.

Read a Money Book

Does your child like stories?

Watch the videos below together or read a money-related book. Afterward, ask questions about the book that encourage your child to think about how they would save and spend money, and ask if they would do things differently than the characters in the story.

Monkey-See, Monkey-Do

Be a model of good saving and spending behavior for your children.

This is especially true if you involve them in financial discussions. For example, before taking a family vacation, ask your child to help set their budget for toy/souvenir purchases. OR have them help make the grocery list and compare prices while shopping.

Learn about saving with a game show!

Put Your Money Where Your Mouth Is

Discussion Questions

  1. What would you choose to eat after seeing the cost of each item?
  2. What option would you choose after seeing the size of each item?
  3. How would buying the generic item versus the brand name item help you save long-term?
  4. What could you buy with the money you saved by choosing the generic item over the name brand?
  5. What other ways could you save money?

Resources:

Lights, Camera, Save! – videos created by students

Youth & Money - resources to help youth understand money concepts

Money as You Grow – building a foundation to understand financial concepts

Fun Brain - games and quizzes for ages K-8

EverFI for Parents - free games and activities, requires registration/login

EverFi for Educators - free classroom lessons, requires registration/login

Sammy Rabbit's Training Center - Video demonstrations and tips