We’ve already talked about how important it is to have these conversations early. And the truth is, the earlier you start, the easier it is. You can talk about it with your toddler – just explain what you’re doing when you’re making money decisions. Say you’re in the shop and you’re choosing a packet of biscuits. You can just say out loud, ‘Hmmm, these biscuits cost more than those biscuits. I could get 2 packets of those, or just 1 packet of the ones that cost more.’
You might find your children come to you with questions about money. We all know that kids ask questions at the most inconvenient moments and when you’re not ready, but don’t shy away from answering these questions. You don’t have to give them exact numbers, but you can use their questions as an opportunity to have a conversation. (Parent tip: ‘What do you think?’ is always a good answer when kids ask a tricky question, and you need time to think!)
You can talk about the things that are important to you as a family. For example, as a family you might really value your summer holiday. When your child asks for a new toy or game, one approach would be to discuss how that might impact your summer holiday. Would it mean less spending money on holiday, or might it affect your ability to go on holiday? What’s more important to you as a family? Involve your child in those discussions. It doesn’t mean that you don’t have the final say but let them see your thought process.
We’ve suggested a few ideas from us at The Hoard Book – do you have any for us? How do you have conversations about money with your kids?
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