“Chains of habit are too light to be felt until they are too heavy to be broken.” -Warren Buffett

Talking about money with kids

What are your thoughts on talking about money with kids?  Do you ignore the subject?  Are they involved in budgeting, saving, spending?  Do you wish your parents had shared more or less about money?  

We are generally pretty open about most subjects with our kids, and have tried many approaches including chore charts, weekly allowances, and so on.  I shared a bit about our favourite app to help with this earlier on and how that simplified chores, spending money and teaching to save.

However, if you are looking for a more in depth curriculum to teach kids about money, Vanguard has created the My Home Economy resource, designed for kids from Kindergarten through Grade 8!  There is some work to set this up for your family, and it may need to be modified to fit, but what a wonderful way to teach kids the value of budgeting, working, making ends meet (some powerful negotiation skills could come in handy), all while learning together.  Set up rent, bills, pay cheques and more and teach your kids real life lessons about money!

There is also an education curriculum designed for use in schools My Classroom Economy.  This is set up in a similar fashion - students rent their desks instead of their bedrooms at home.  The idea being that you create a microeconomy within your family or class and learn to budget, save, and spend appropriately.  What a gift to give your kids, or your students than the gift of financial literacy.  At this time these programs are both free, and well worth a look.  Even if you decide they aren't right for you, there might be something you can learn and apply to your life!

Do you have specific ways you teach your kids about money?  Is it just a natural discussion in your home, or a forced one?  Are your kids involved in spending, saving and giving their own money?

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