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Why is it important to talk to children about money?

Child counting his monthly allowance. Slight blur on hand movement

Teaching children how to be financially responsible starts early and helps them in coping with challenges as they grow up. Buying a child a piggy bank to save coins and small currency notes leads to trusting them with your credit cards when they start going to college. Therefore, starting this training early will help kids develop good spending habits and resist their buying impulses. As they become independent, they will be better able to set spending limits, plan a monthly budget and resist their impulse purchases. Why is it important to talk to children about money.

Teaching children to handle money should start with their learning of math skills so that they can  get to the point of understanding arithmetic. Taught about money at a young age will help your child deal with financial matters better when stakes get higher. In order to help a kid develop healthy relationship with currency, it is important to talk about finances comfortably.

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You may include children in some of primary financial decisions. Teach them about the reasons why some commodities are more expensive than others. tell them about the same quality of two different things from two different brands. Help them doing a price comparison and inspect product claims. This way, they will learn to see the difference in buying a reasonable pair of shoes instead of going for one with double price.

You cannot teach your kid to be financially responsible if you do not model it yourself. Kids learn from us and if we lack something which we want them to master, they will not show seriousness in that. Set some buying norms and expectations. Always set a budget for shopping and stick to it no matter you have to leave a delicacy behind.