A common mistake parents make in teaching their kids about money is failing to make regular communication part of the learning process. I know, I know – nobody wants to talk about money. It’s just not something we do. But trust me on this one: your kids need to be comfortable talking to you about money if they’re going to learn how to manage their financial lives. (And you’re going to have to be comfortable communicating with them, as well.)
Communication is Vital
The big problem is, we’re not naturally inclined to just jump into a conversation about money with our kids. It doesn’t feel natural – and that’s probably why most parents never do it…
But you’re different. You want to see your kids succeed, and you’re taking steps to make that happen. Look at the opportunity here: every week, or every month, if you’re giving your kid an allowance, you have a natural opportunity to talk about money. Don’t stress! You’re going to be able to ask some easy questions: “How’s it going?” “What did you spend money on this month?” “Got any big purchases coming up?” “What are you saving up for these days?” Suddenly, communication about money becomes natural, rather than forced – and this will spill over to other aspects of life, as well.
Want to foster better communication with your teen? Start talking about money!
Just look at us! Chock full of communication!