Talk Through What You Do with Money—Your Children Are Listening

This guest post is courtesy of CFPB and FDIC’s joint education and awareness campaign.

Parents tell us they want to help their children be smart about money. But they’re not always confident about how to go about it.

We’ve got a suggestion: Talk through your money choices with your child as you go. (If you already do this, great!) You don’t have to change anything that you choose to do with your money. But your kids need a window into how to think about spending, saving, borrowing, and more. You can show them how you think about these important choices.

Next time you pay a bill, or buy something online, or go grocery shopping, try speaking your thoughts out loud. “Now I’m looking at our electric bill, and I’m checking to see if it’s the right amount. And I’m looking at the due date, so I know whether the payment is on time or late.” This talk helps your child start to understand how to think about transactions. Over time, your child can turn these thoughts into good habits.

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Tip of the Day

  • Written by Administrator2 | January 13, 2014

    Never purchase expensive items on impulse. Think over each expensive purchase for at least 24 hours. Acting on this principle will mean you have far fewer regrets about impulse purchases, and far more money for emergency savings. http://ow.ly/sj972

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