What Are You Teaching Your Kids About Money?

Hero

I launched FinanceSuperhero in April 2016 to help others save money, get out of debt, earn more money, and live the best life possible. Send me an e-mail or a comment if I can help you in your journey. Thanks for reading!

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25 Responses

  1. That was a great episode of The Goldbergs. I think it’s great that you and your wife are laying out a plan for teaching your future children about money. We are teaching our three as much as possible. We have included them in our budget discussion, explaining costs of the entire household. It’s never to early to start teaching your children about money. It’s something they will use for their entire lives, and there are age appropriate teachable moments along the way.

    • Hero says:

      I’m not a huge TV person, but The Goldbergs is a big threat to my productivity!

      I am sure your kids will be excellent financial stewards, Brian. If only more people looked for natural teachable moments. . .

  2. LOL, we love that show!! Yes, we are teaching our kids those same things. We were never taught about money but shown that debt is okay and it caused LOTS of trouble for us. Now we are being an open book to our kids as we work our way out of our past financial mistakes. Great post!

    • Hero says:

      Thanks, Laurie. Isn’t it interesting how children tend to adopt their parents’ ways of handling money? You are poised to change your family tree completely through simple acts of transparency with your children.

  3. My little one is only 2 so a bit too early to start, but I think about how I’ll do so fairly often. I think Brian nailed it in his comment above. There are a number of teachable moments as they grow up so exposing them to that as much as reasonably possible would be beneficial.

    • Hero says:

      Brian sure has a great ability to say a whole lot with only a few words, doesn’t he? Teaching financial lessons to children is much more successful when it comes within the natural flow of the day to day routine.

  4. amber tree says:

    Sounds like we are dealing with the same kids-money issues. We plan to do similar things…
    1- basic list of tasks, allowance for extra tasks
    2- learn to save for bigger things, spend some money now

    They now are in the state of mind that money comes from the bank, just like that. Just this week I explained we have to work and then our employer deposits the money at the bank. that was an eye opener for them.

    Also funny, they think giving a 1 euro coin will speed up their Jamaica holiday plan! I love kids and their simple, honey innocent approach to things!

  5. As you know I do not have kids but remember that they can learn concepts such as money management as early as 5! (Obviously very simple techniques that they will not even realize until they are older) My dad was all about tough love and I never appreciated it until my junior year in college quite frankly. Expect the tantrums and everything but they will thank you later on. Think we all learn that tough love works for the future.

  6. Fantastic article and great advice. I think it is absolutely critical for kids to see how their parents manage their finances and have the experience of working for their own things. Even if you help them out with purchases, letting them understand what goes into each of those is critical.

    Great post and I have no doubt your kids will be well set.

  7. I have no doubt at all that your future children will be well schooled in all things finance. Financial education for our younger generation is something I’m extremely passionate about. I work in debt management, you would be horrified at the number of 18-21 year olds in the UK who are already so badly overstretched that are placing themselves into insolvency and sometimes even worse, bankruptcy. Prevention is better than cure!

    • Hero says:

      People like you are the ones who have the power to inspire change, David. That must be so rewarding to help people climb out of their own foolishness.

  8. I’ve seen parts of that show and if I had more time, I’d check it out. We have a toddler and we definitely want him to be financially literate…we still have some time to figure it out. My parents were always frugal and I rarely asked for anything. I knew what the answer was, plus I knew our family couldn’t waste money on frivolous things. I think a huge part of it is being a good role model. I know a dad who likes to buy the latest gadgets and nice clothes all the time, etc…it’s hard to say no to kids when your actions show the opposite.

    • Hero says:

      It sounds like you have your hands full with a toddler at home, Andrew. The Goldbergs is definitely worth checking out if you find a spare moment.

      I had to laugh a bit when you said you didn’t ask your parents for money because you knew the answer would be “no.” That was usually the answer I got, too, but it didn’t stop me. I was persistent to a fault. 🙂

      And you’re absolutely right about the value of serving as a role model. Too many parents today seem to have adopted a “do as I say, not as I do” mindset.

  9. It’s tough learning the realities of the world. I can’t help but laugh at this exchange, but I’m sure it happens every day. I don’t have kids yet, but I do hope to teach them from an early age “how it really is” with money.

  10. We started paying our children an allowance sometime before the age of 10. They have specific things they must do or they lose a portion. Plus, they can earn extra for doing extra chores. We also pay them extra for the number of books read.

    From their allowance, they pay for things like their cell phones, gifts, and anytime they go out with friends. When we go out as a family, we pay, but when they go out with friends, they pay.

    We also match anything they chose to save/invest.

  11. racetoamillion says:

    It’s so important to get kids on board early financial literacy and how to get their house in order of you will. We rarely spend money on something we don’t need and when the kids ask, it’s usually up to them to use the money they earned to fund their wants.

  12. A paycheck for $33… so close to my life that it’s almost not even funny!

  13. ZJ Thorne says:

    My parents have wildly different attitudes to money and gave wildly different lessons. My dad saves and is frugal, and retired before he was fifty. My mother earns less, spends more, and will never be able to retire. The lesson is easy if you look.

    • Hero says:

      It’s so interesting that such differing money attitudes can co-exist within families. It sounds like you could write several posts about this dynamic, ZJ!

  14. Hey there Hero,

    At the moment we don’t have kids (we are trying to through IVF treatments (we blog about this)). We will definitely try to teach our children good habits with earning, spending, saving and perhaps investing.

    My parents didn’t really teach me anything about finance. Literally the only mention it got was that one time a $20 thing was expensive (can’t remember what it was). They were on top of their money, they invested, they budgeted, but they didn’t teach me anything. Nor instill a work ethic.
    My wife’s parents didn’t teach her anything either. They are addicted to debt, have no interest in FI (they are interested in get rich quick things though); they are terrible role models. However they make for good I-don’t-want-to-be-like-that examples.

    We have learned all the good financials traits ourselves since we moved in together a couple of years ago, which I’m proud of us for doing so.

    Tristan

  15. it’s true we teach youth so little about money. If we did, college aged kids might not be under so much debt collectively

  16. Clint Clint says:

    nice goldbergs photo…Barry rocks!

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