“Money doesn’t grow on trees!” If I heard that once from my parents as I was growing up, I heard it a million times. Teaching children the value of money has never been an easy task! Beth Kobliner, a financial guru, has written a book to help parents teach their children about money. As much as I talk about money on my blog, I learned some key ideas about teaching children about money with Beth Kobliner and Kate McKinnon.
I was surprised to learn that according to experts, kids understand basic money concepts by age three and by age seven many of their money habits are set. If that is the case, we need to start teaching children about money at a very young age. To help illustrate the need to talk with our children about money, Beth teamed up with Kate McKinnon of Saturday Night Live to make a cute video highlighting kids’ thoughts on money.
Parents are the number one influence on kids when it comes to money, but they often are unsure about how to talk with the kids about finances. When you look at how little child learn about money outside of the home, it becomes even more important that these lessons start at with mom and dad.
The way we as adults use money has changed a lot over the years. Just think about it, how often do our children ever see you use cash? I know that I primarily use plastic to buy everything from my groceries to gas to the retail shop. Shopping online is even easier – my kids just see me click “Buy,” and because of saved account numbers the transaction goes through without me ever opening my wallet. Then two days later a box is at my door!
Add to that, I also do almost all of my banking online now. So if I had young children at home – they would never see me go to the bank. My paycheck is automatically deposited, savings are automatically deducted, and my bills are payed online. Money has become very invisible to children.
Teaching Children about Money with Beth Kobliner and Kate McKinnon
So much to learn!
Beth shared some great ideas in the interview:
- Talk to your kids about needs vs wants.
- Allowance is not important to helping children learn about the value of money, but if you choose to give an allowance be mindful of the four “C”s:
- Pay in Cash
- Be Consistent
- Be Clear about your expectations of what the money is for
- Do not tie it to Chores
- Don’t give in at the checkout line. We are all tired, and it is easy to hand over the impulse purchases, but that sends the wrong message.
- Don’t fight with your spouse about money in front of the kids.
- Be honest.
The book looks good! I love that it deals with the many ages of childhood and into early adulthood. As a mom to millennials, I have watched them, and I have tried to help guide them through their own financial journeys.
For more information check out BethKobliner.com
It’s time to get the conversations started with children!
Disclosure: Some of the links in this post are affiliate links, meaning that at no additional cost to you, I will be payed a small commission if you click through and make a purchase.
