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TALKING Cash with Kids

By Jackie Burrell
Friday, January 2nd, 2009 at 11:01 am in Finances.

CB006499Whether it came midway through holiday shopping or just on an everyday supermarket trip, has there ever been a time when our kids didn’t pester us about wanting this or that treat? The current economic woes make that discussion all the more fraught, so we’ve been inundated with press releases from this or that expert on how to talk money with kids. Most of it, frankly, has been dreck. But we really, really liked the advice offered by Chick Moorman and Thomas Haller, who suggest ten different ways to approach money with your kids, from allowance and budgeting discussions that really make sense, to ways to demonstrate both charity and integrity. It’s good advice, not just during the current economic travails, but all the time. Here’s one example:

“‘I’m willing to pay part of it.’ This phrase is useful when your child wants something that exceeds the budgeted amount you had earmarked in your budget… It curbs feelings of entitlement and allows children to take ownership for achieving their desires. In addition, if some of their money is invested in the article, they are more likely to take care of it.”

Other good advice:
Family Fun budget expert Laura Rowley talks about raising money-smart kids.
Mom2Mom offers tips on discussing family financial woes with your kids.
An NYU Child Study Center expert discusses job layoffs and children’s anxieties.

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