I have never understood the taboo about discussing money with other people. I know, it’s a little rude to ask outright how much money someone makes (and I won’t do it unless I’m asked first)- but I’ve always been very open with my finances. Making more or less money than someone else is nothing to be ashamed of- it’s how you manage it. And I know that part of the financial taboo is never letting your kids know how much money you make, or how much you have saved. However- I think that this “rule” is outdated and silly. How are kids going to know how to make their own, smart, financial decisions if they never see you making your own? It’s this kind of financial ignorance that leads to economic collapse- people borrow more than what they can pay off, and accrue massive debt for bad reasons. But, teaching kids about money doesn’t have to be scary or boring. Read this post by Maanasi at Mom Junction for fun ideas:
-Teach them the importance of waiting, and delaying instant gratification
-Buy them a portioned piggy bank or simply get 3 jars and label them ‘Spend’, ‘Save’ and ‘Share’. Tell your kids to portion their allowances in the three jars.
-Let your child help you with grocery shopping and let them make their own small financial decisions
-Play games involving money (like Monopoly) and talk about them.