Taming the Money Monster: Talking to Your Kids About Money

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kid money

This is not your normal article about money and your children. We won’t be talking about allowances, budgeting, piggy banks, or tuition. Instead we’ll be talking about, well, words.

The words we use around our children have a lasting impact on their attitudes or emotional “load” around money. In our consumer culture, things can easily become more important than people. The value or worth of people can become measured by their wealth or appearance of wealth. Keeping up with the Jones’ can hold kids and their parents hostage on a never ending treadmill. Parents in frustration may give up trying to withstand the pressures to buy more and more so their children will not feel left out or less than their friends. Parents may feel like hostages to the billion dollar industry that creates pressures to buy from all sides. Two income families may try to make up for the lack of time they can spend by buying children things.

A Poverty Consciousness

While it is true that money struggles occur and affect children, that is not the same as a poverty consciousness. Children can be raised in households with average incomes or even less without feeling poor. Likewise children raised in upper income homes can develop a feeling of entitlement in which nothing is ever enough and likewise feel like they are losing out and mistakenly think more and more money would fix it.

Moreover, many couples Continue reading