So, when is the best time to start talking to your kids about money?
Our philosophy - it's never too early, and it's never too late. But who has the time? Where do you start? And how comfortable are you anyway with your kids asking you questions about your money situation?
Your kids become aware of the fact that you use money to pay for things as young as 3 years old, so it makes sense to start having these conversations with them as early as possible, especially when you take them on errands to the bank or grocery shopping, or when you take them to the toy store and end up buying them yet another Lego set. The infographic below gives you some guidelines on how to talk to your kids about money using the 3 C's - Consistency, Connection, and Choice:
Check out some simple suggestions for how to use the 3 C's to turn writing your grocery list into a financial learning experience:
- Consistency: gives kids an idea of what essential food items you need to buy for the house
- Connection: start a dialogue with your child about needs and wants and when it’s okay to buy wants
- Choice: involve kids in the shopping process and decrease the requests for random things at the store as you both decided exactly what you need