Thursday, July 13, 2023

Why Does Talking About Money At Home Matter?

Money, Does everyone like to talk about it? There is no need. We got it. Where to start?

Well, you start here! Talking to kids about money is important. really important. And not as much as it used to be. What kids learn about money at an early age - or not - will make a difference to their entire lives. Read on to find out why.

Economic foundation

When children grow up, we want them to manage their money well and be financially independent. We want them to invest in savings instead of borrowing at high-interest rates. We want them to have a clear financial plan to achieve their goals in life.

However, it is not a superpower that suddenly manifests itself at the age of 18. (If we can, we'll give it to you.)

There are a few ways that children learn about money as they develop their attitudes, values, and behaviors.

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Modeling (looking at her parents)

Learning by (completes the exercise)

And talking about money at home (ding ding ding!)

this is true. Studies published over the past 10 years, including those in the Journal of Family and Economic Issues, show that when parents and children actively discuss money at home, children between the ages of 18 and 25 are in early adulthood. More likely to have positive financial results. This creates an MVP for the foundation known as Economic Socialization for Parents. And it positions the conversation as a winning strategy.

So parents, let's get to it! Here are some easy ways to get started.

1. Find everyday opportunities. 

When your kids are around to take care of your finances, tell or show them what you're doing in a positive way. For example, if you're paying a bill, say what it's for... such as the electricity the family used last month.

Then, you can sprinkle in some additional details, whether you want to mention the importance of paying bills on time or how household expenses are part of the family budget. That additional explanation turns to the mystery of money. You can even involve them in simple money decisions - when it makes sense.

2. Reinforce their positive money experiences. 

Positive energy goes a long way when it comes to financial dealings for older kids. Talk about their success and reward them.

Have they decided to buy something they don't really need? smart move! Suppose now they can use the money for something else. Has she chosen to save all of her birthday money for one important big-ticket item? Tell them how proud you are! And why learning to save is so important is because they grow up to be financially independent. Then, celebrate every step of the way!

3. Bring up money-related topics for family discussion. 

go to school or practice. Dining table even at bedtime. The better the family will discuss financial matters!

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Do you want to make money conversations fun and engaging...? Greenlight is here to help! In the Kabhi Chacha Hai Greenlight app series, we're providing you with some ideas for parenting topics and talking points to get you started. Your kids want to hear your experiences – and include past mistakes or lessons learned – and they also want to know what you think (whether they want to or not!)

4. Be open and prepared when your children inquire!

You don't need to have all the answers to be a reliable source of advice. And if you don't know, you can do a little research and learn together. When you answer them openly and thoughtfully, they will be more comfortable asking you questions.

A study published in Emerging Adulthood suggests that child-initiated conversations can be more effective for future outcomes, so why are we starting kids with Ever Vendors? Also in the app, with some thought-provoking questions for you.

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Greenlight wants every child to grow up financially healthy and happy. We're here to help you talk about money - on a regular basis.

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