For many, discussing money is hard. But parents need to begin having ongoing dialogues with children from a young age to ensure they are financially literate.
If stuck, consider starting the discussion by explaining where money comes from – making it clear that money neither grows on trees nor in parents’ wallets. To help them understand, develop a “money in, money out” budget.
At this point in their lives, children likely focus on money going out. But where does it go? And when? And why? A budget, reviewed together monthly, can be an easy way to show the value of money.
– Paris Davis, Washington Federal Bank
