Nope, there’s no Monday Blues over here. It’s just another day to talk to my Milz about money.
At first I thought, is he too young? Then I realized, as soon as they start asking to buy them stuff, that’s when you start teaching them about the game, the game of life. Don’t let your kids find out through social media or even their friends, you might go broke lol.
We started talking about money when Milz was about 6 or 7 years old. That’s when video games came on strong and he wanted the latest NBA2K. At $60 a game I had to talk to him real quick about money and how to earn it. Like my mom use to say,”money doesn’t grow on trees.” I try to follow that same mentality but I wanted to switch it up and really teach him the value of a $1.
Growing up in a single parent household my moms really never taught us earning and spending money or what credit was. School isn’t really going to teach you either so switch it up in your house and start’m young.
Here are 5 ways you can get the $$$ convo started with your little ones.
1. Start Slow with your child, there’s no need to schedule a five-hour lecture presentation to review bank account balances and retirement plan contributions. All you need to do is answer your child’s questions about money.
2. Be Honest with them from the get go, kids will follow your lead from the start. So when they want something that you can’t get them right there and then, just explain to them you can’t right now. Be honest and save the “Money Don’t grow on trees” liner.
3. Talk value not figures with them. They need to know about how to handle money. Teach them how to save it. Put those piggy banks to use and have them save money they get from birthday and holiday gifts. When they’re old enough to understand take them to the bank and open an account for them. Help your kids get an idea of what real-world budgeting looks like, encourage them (when age-appropriate)
4. Set Family goals, make it fun for them. Every time the bills come in sit with your child and explain to them this is what we need to pay this month. Get them to learn about paying bills cause one day they will be paying their own bills, so why not teach them young.
5. Learn About Money together. It’s cool If you don’t feel fully knowledgeable on these topics, that’s okay! There’s alot of resources online that you can get. Milz and I are reading “Make Your Kid A Money Genius” by Beth Kobliner. It’s kind of dope how she breaks it down.
By Danny Reyes