{"id":19267,"date":"2022-04-11T10:20:44","date_gmt":"2022-04-11T10:20:44","guid":{"rendered":"https:\/\/dev.xello.world\/blog\/talking-to-kids-about-money\/"},"modified":"2025-05-15T01:42:18","modified_gmt":"2025-05-15T06:42:18","slug":"talking-to-kids-about-money","status":"publish","type":"post","link":"https:\/\/dev.xello.world\/en-ca\/resources\/blog-posts\/talking-to-kids-about-money\/","title":{"rendered":"Talking to Kids About Money: 12 Tips for Parents and K\u201312 Students"},"content":{"rendered":"

Want to raise financially responsible adults with good money habits? Start talking about money when your kids are young.<\/em><\/h2>\n

If you\u2019re like most parents, the idea of talking to kids about money is about as appealing as changing diapers, being the sole soccer carpool driver for an entire season or taking away your teenager\u2019s phone so they\u2019ll study.
\nThey\u2019re all dirty jobs, but sometimes you\u2019ve got to step up.
\nThe good news is that when it comes to talking to kids about money, most of us are muscling through our discomfort. According to a Chase bank survey<\/a>, more than 70% of US parents are regularly discussing financial topics with their children. They\u2019re even talking about their family\u2019s own financial situation.
\nPassing on financial information and values to our kids from a young age<\/a> is critical in helping them develop a healthy relationship with money. A TD Ameritrade study<\/a> found that the way your parents handled money may be the biggest influence on how you manage your own finances now, proving that our influence is paramount.
\nIt\u2019s important for children to have a familiarity with the concept of money, to understand how it works, and learn how to manage it in a positive way. It\u2019s possible to incorporate frank discussions and create opportunities for your children to become financially literate before they reach adulthood. Here are 12 ways to incorporate money sense into your parenting.<\/p>\n

1. Prioritize Day-to-Day Modeling Over Lectures About Money<\/h3>\n

There\u2019s no \u201cright\u201d time or script for talking about money with your kids. Just like most of your family values, they\u2019re imparted on a daily basis through your choices and actions. While it\u2019s important to have age-appropriate conversations about money with your kids, what you do every day is what they\u2019ll really remember.<\/p>\n

2. Talk About Your Buying Decisions<\/h3>\n

Picking up two boxes of crackers because they\u2019re 2 for $3. Buying the more expensive toilet tissue because it\u2019s made of recycled materials. Choosing to lease your car instead of buying it. Leaving an item in your online shopping cart for a few days while you think about it.
\nAs adults, we\u2019re constantly making personal decisions about the way we spend our money. Even if your young children don\u2019t get the nuances of the choices you make, it\u2019s helpful to share them so they can learn how we make money work for us.<\/p>\n

3. Communicate the Difference Between Spending, Saving, and Sharing<\/h3>\n

The University of Minnesota Extension<\/a> suggests teaching kids about finances by dividing the way we use our money into three categories:<\/p>\n