Tips for Talking to Kids About Family Finances - Shaun Stenning

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Discussing family finances doesn’t mean you need to share the specifics of what you earn, save, and spend. Rather, it means utilizing your money management system as a framework to teach your kids how to make financial decisions with the money they are given or have earned. You can:

Here are some tips that will help you and your kids talk about family finances.

1. Begin discussions now.

According to Shaun Stenning, “Planting the seeds of financial awareness early pays off. Kids are more likely to adhere to their budget and respect yours.”


2. Explain your family’s goals and priorities.

Examples are paying yourself first, contributing to a retirement account, purchasing stocks, and saving up for a special purchase or vacation.


​3. Talk to your kids at their age level.

Use a puzzle “pie.” Create a large circle on the paper. Create a second one and cut it into wedges. Color (or use construction paper) and label (use clip art or stickers for younger kids) the wedges to represent categories like savings, bills, discretionary or fun, taxes, and charity.


4. Talk about the differences between cash, savings, and investment.

Keep it simple for now, but do introduce them to the concept of interest and how it can impact cash, savings, and bills.


​5. Discuss the dangers of credit.

Help your kids understand that the decisions they make in the short run about money management can impact what happens over their lifetime.


​6. Teach kids the money basics.

Have your kids help wrap change in the paper coin rolls. During the process, you can teach them about how money works; for example, that there are 100 pennies in each dollar, and five in each nickel, and 20 nickels in each dollar.


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