Start the Right Conversation at the Right Time!
What conversations typically take place at the dinner table with your child- how was your day at school? What did you learn today?
BUT, how often do you discuss money matters or even EMI’s with your 10-year-old?
Most parents want to, but they seldom get the time or are hesitant to discuss money with their children. Money is a topic that can cause a lot of tension and discomfort in families, particularly between parents and children. However, it’s also an essential part of life that we can’t ignore. It’s important to break the ice and start the right conversation at the right time. Because, without understanding what it takes to earn money, your child may never truly appreciate its worth. Teaching your child about money from a young age will help them develop good money habits, and that’s going to last a lifetime.
To begin with,
Set the tone: Money can be a stressful topic, so it’s important to create a positive and supportive atmosphere for your discussions. Encourage your children to share their thoughts and feelings without fear of judgement or criticism.
Be transparent: Children learn by example, so it’s important to model good financial behaviour. Share your own experiences with money, both positive and negative, and be honest about your own financial struggles and successes.
Keep it age-appropriate: When talking about money with your children, make sure to use language and concepts that they can understand. Younger children may benefit from simple lessons on saving and spending, while older children may be ready to learn about investing and debt management.
Focus on values: Money is just a tool, and it’s important to remember that our values and priorities are what really matter. Use your discussions to explain children what are your money values as a family and how they can be used to achieve the goals.
So why not switch up the dinner table discussion tonight and dive into the topic of money matters? Your child will thank you for it as they become financially independent and responsible adults!