Money Talks: Do You Talk To Your Children About Money?

Good evening Beautiful Women Supporting Women,

Happy Monday night/Tuesday to you! I hope you had an amazing week! I spent the weekend relaxing AND this evening I surprised my Mother for her 73rd Birthday in Maryland! It made me so happy to see the look on her face when my Son opened the door! Moments like these are priceless and I’m glad I could be here to celebrate with her.

To continue to support Life Insurance Awareness Month, we need to discuss money. Money gives us the ability to do what we need to do in life, but how many of us are having these detailed conversations about money with our children? How many of us take advantage of “teachable moments” to show the importance of money and what it can do for our present and future?

Believe it or not, 92% of parents with children ages 8-14 talk about money BUT only 64% have an ongoing conversation. Is it because we believe they understand money from the first time or is it we believe it’s only worth one conversation? Everyone may have their own reasons, but it is important to have continued discussions. These discussions will form habits that will shape how the handle money in the future.

We always have “teachable” moments. Start with sharing with them about saving money when shopping. Clipping coupons and saving a couple of dollars here and there can add up. Teach them how to do things like tipping in a restaurant for good service and saving 30% of birthday money and allowance. This shows them the importance of saving and accumulation. When it’s time for them to get something they want versus something they need, they will know the difference.

Lastly, WE, as parents always get tempted to chip in, if the child says “I just need .50 more cents to buy that toy. After you explain to them why you will not give them the money and they proceed to throw themselves into a fit of rage, you will leave them right there on the floor! Guess what? Do not jump in to save the day. Once they realize that this temper tantrum will not work, you will explain to them that this behavior is not acceptable and that it is not to happen again. Of course I was extra dramatic, but I promise you, I’ve seen some variation of it!!!! This lesson should teach them the importance of saving and hopefully purchasing things they want, when THEY can afford it.

Hopefully, if you have not started having these conversations with your children, you will feel prompted to start having them now.

As always, if you have any additional comments or questions, please feel free to reach out here or via email at: thefinancialcomforter@gmail.com

Thank you for stopping by.

Have a beautiful and blessed week!

Marsha

Changing the lives in our community….one family at a time.

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