Money Matters for Children & Teens

Colleen Salchow

Currently, only 44% of Americans have $1,000 saved for an emergency, the highest percentage since 2014. (https://cnb.cx/3JAfwMX) Recent studies show that families are talking about finances more frequently. In 2021, 47% of families reported talking about finances together once weekly. That statistic has increased significantly from 34% of families discussing money in 2017. (https://bit.ly/3xlxNel)

Since families were together during an uncertain time, conversations were taking place regarding what changes need to be made. Americans were reminded of how to appreciate what we once took for granted. Life can have unexpected events, but modeling how to overcome those emergencies is a valuable learning opportunity. Here are ways to discuss money with children of any age. Preschool and Elementary Money Lessons Show them the money!!! In 2022, many of us will use debit or credit cards to make purchases. At this age, kids are still learning the concept of exchanging currency for goods or services. Explain why you are making your purchases. Emphasize that money is earned. Middle School Money Lessons Preteens can start to earn money outside of the home. They can also track their money with a budget. The budget is a visual tracker that shows how users interact with money.

Are they natural spenders, givers, or savers? Once we identify how the individual naturally interact with money, areas that are not a strength can be addressed. Young Adult Money Lessons Young adults will continue to need guidance regarding finances. Discuss these three C’s; classes, cooking, and cars. Are they finding value in the courses you are taking after high school? What meals can they cook to avoid ordering take-out? How are they saving money for preventative vehicle maintenance? If you want to work one-on-one with financial coaching, go to my website, www.salchowcoaching.com, to schedule a free consultation.

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