It is important to talk about finances with family, with a partner, with kids, with a financial planner and others who you can trust. Here’s why:
- For your children’s education. You can teach them how to work with money or how you as a parent make your financial decisions.
- It is essential that you discuss finances, budgeting and the future with your partner. If you are not on the same financial page, things will be out of control before you are aware of the situation.
READ MORE: How to set up a budget
Should families sit together and talk about finances and how much should you tell the children?
Discussing and agreeing and implementing family financial plans together build a closeness and understanding within the family group.
Talk to a financial planner to get an outside persons perspective on your family finances. Invest slowly, don’t rush into decisions, and explain to the advisor what you want to achieve.
ALSO READ: How to stick to a budget
How much money should kids be getting and what should they be responsible for?
Teach your kids responsibility by making them responsible for how to spend a portion of their money. Perhaps allow them to buy their own casual clothing or toiletries. Soon they will learn the value of money and will perhaps understand that often, 1 brand name t-shirt will cost the same as 2 or 3 generic t-shirts.