By Tiffany Grant
Money is a touchy subject for a lot of people. It can be challenging to talk about, especially with kids and grandkids. But it’s essential to have open and educational conversations about money with the people in your life, including kids and grandkids. Teaching kids early will build a lifetime of good financial habits.
Tiffany Grant
It is vital to get the whole family involved! The responsibility lies with parents and grandparents. Work in tandem with the parents or take the lead. Either way, the most important thing is to start. Families can grow stronger through these wealth-building conversations.
This article will discuss nine tips for grandparents to talk to grandchildren about money. We’ll also include examples of how to have these conversations! Education starts at home (or at Nana and Papa’s house).
Start early
It’s never too early to start talking to kids about money; they are never too young. The earlier you start, the better! You can begin by teaching them the basics, such as what money is and how it works, at an early age. As they get older, you can start discussing more complex topics, such as budgeting and saving. Be sure the conversation is age appropriate.
I introduced financial topics to my kids as early as five years old. We talked about money, what it is, and where it comes from. We started talking about budgeting and saving as they got a little older. Now that one is a teenager, we discuss credit scores, checking and savings account, and investing. Allow them to use their own money to create healthy spending habits instead of buying all the gifts.
Use Everyday Situations as Teaching Moments
You don’t need to sit down and have a formal conversation about money to teach your grandkids about it. Instead, you can use everyday situations as teaching moments. For example, if you’re on a trip to the grocery store, you can explain how coupons work or why comparing prices is important. Show them what you spend money on and why. This way, they can start learning about personal finance without realizing it!
If they are older, you can use everyday situations to discuss more complex topics, such as …….
Source: https://www.thestreet.com/retirement-daily/your-money/teach-grandkids-about-money