I’m sharing these tips on how to have the “money talk” with your kids and a free kids checkbook printable as part of a sponsored collaboration with Chase and #WeAllGrow Latina Network. The money talk is a talk that all parents should be having with their kids.
Talking about money has always terrified me. I’m talking pulse racing, adrenaline pumping terror, but I am DONE with that and you wanna know why? Because I don’t want my daughters to have that kind of relationship with their finances.
Cue the “Money Talk.”
My children are young, too young for me to give them the “you-know-what talk,” but not too young to give them the “money talk.” Here’s the thing: it’s more of an ongoing money conversation.
Our money talk started by introducing them to the concept of getting an allowance and learning how to keep track of that money.
Tips for introducing your children to getting an allowance.
- Make them earn it. My children get a small allowance, but they don’t get it for doing chores because I believe that as members of the family it is their responsibility to help out. Period. Instead, they have the opportunity to earn money on school days by making the morning routine go smoothly. If they get up, get ready and make it to school without any meltdowns or fighting, they get 50 cents. The 50 cents is not guaranteed, it is earned.
- Add up their weekly earnings and pay them. To keep track of the money they have earned, we have a dry erase board with their names on it. They get a star for every morning they earn their 50 cents and at the end of the week we add up the stars and they get cash.
- Set them up with a place to put their money. It can be a jar, a wallet or a purse. Don’t assume that they will do this on their own. My kids were leaving their money laying around until I told them that with money comes responsibility and part of that responsibility is putting their money where it won’t get lost.
- Let them learn how to save and spend their money. They earned it, so they get to spend it or save it or donate it. This way they learn that once the money is gone, it’s gone. You might want them to save it because learning to save is a valuable lesson, but so is learning that wasting money sucks.
They’ve got money, now what?
I don’t know if you’ve noticed, but 50 cents doesn’t buy you much nowadays. That means that my kids have to save up for quite some time if they want to purchase something other than a lollipop.
When we first started the whole allowance thing, my girls would never know how much money they had, so they kept having to count it in order to know.
You know what helps keep track of exactly how much money you have? A checking/banking register. That’s why I made my girls their very own registers where they can add deposits, subtract their spending and keep an eye on their balance.
The registers are fun for the girls and make them feel important. I love that they are learning to use them because even though we live in a digital age keeping track of your spending and saving in a good old-fashioned register (even if it’s on your computer or online) cannot be beat. Think about it: sometimes your balance will not reflect outstanding checks or payments, but your register will if you keep it up to date.
If you like these checkbook registers with big spaces for little kids to write in, please download a free PDF copy that I made to share with you.
Set your printer to make a double-sided copy so that the two pages are on one sheet of paper. That way you can fold the paper in half to make the register.
ALSO READ: Looking in the Mirror (Printable)
Being open about money with your children is good for them.
Chase and the Center for Research on Consumer Financial Decision Making at the University of Colorado conducted a study that I find very enlightening and encouraging as a Latina mom. It turns out that many Latinos/Hispanics are setting their kids up for future financial success simply by talking about money with them.
Here are just a few of the interesting facts from the study:
- 56% of Latinos said their parents were open about money with them growing up, versus 45% of the general population.
- 67% of Latinos regularly discussed finances with parents growing up, versus 55% of the general population.
- 49% of Latinos said their parents told them how much money they made, versus 36% of the general population.
And check out this Generational Money Talks infographic.
Do yourself a favor and visit Chase News & Stories for more information and tips about generational money talks. Then do your kids a favor and have that money talk with them.
This is a sponsored conversation written by me on behalf of Chase and #WeAllGrow Latina Network. The opinions and text are all mine.