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How to communicate with your children about money

by | Jun 5, 2020 | Personal Finance

Raising children is tough. Raising children in a world gone seemingly mad is even harder.

The sad spate of child killings recently, has seen parents speak to their children more frequently and more openly about the do’s and don’ts around their safety and security – and that is a good thing.

We should learn to communicate as freely with our children surrounding money – and how it affects them in the home and in their lives.

Tips on how to communicate with your children about money

They don’t need to know every detail of my earnings – but they need to know the overall financial situation so that they know what the boundaries are.

Sadly, these days family and social boundaries are disappearing – and that leads to non-existent financial ones.

You will find children making demands on parents for the latest brand names in clothing, cell phones and entertainment allowances . Parents succumb to these demands, by opening more and more store accounts and maxing out credit cards.

The payments on all of this debt can lead to a bad financial situation, which very often will affect the relationship of the parents and ultimately the children.

Now, more than ever we need to open the lines of communication with our children about money. The more informed they are, the more financially free they will be be in the future.

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