Talking with Your Kids about Personal Finance

We talk to our kids about drugs, sex and just about everything else within their personal lives but we seldom talk about personal finance. 

It’s too bad because it isn’t a topic taught in school and too many young people are plagued by early financial mistakes. 

Today’s essay is by Michael Klein, a student at the University of Arizona. He shares how early conversations about money and personal finance with his parents helped him throughout his life.

Talking Finances with my Parents

Talking finances with my parents was a pretty easygoing topic of discussion. I started a savings account when I was about 12 years old because I learned that putting money into a savings account earned you interest.

I thought to myself, “Hey if I put my already earned money in a savings account, I can earn interest and gain more money for no work!” 

Learning about Personal Finance

Learning about personal finance, although new to me, wasn’t hard to understand because of the education both my parents had received. 

There is no shortage of ability in my family when it comes to the best ways to talk about how to handle personal finance. They told me that I had done a good thing by opening a savings account at such a young age.

Not only is opening an account important but earning money to put into that account is also important, as well as having to pay my own bills! 

They taught me that I should hold on to any receipts that are given to me so that when I go home to check my bank balance all the amounts that are subtracted are correct and no false charges were added. 

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