Turn the realities of the current economy into a lesson plan for your children. Aim to establish a foundation for financial concepts focusing on the basics: allowance and spending practices, the difference between needs and wants, how and why to start saving money. Ease into the topics of credit, debt, and investing, using the local and global economy as examples.
Most importantly, set up a time (once a month works well) to have a family meeting about finance. In advance, pick a few topics to cover (how writing a check is different than using a debit card, how interest rates work, etc.) and make it fun for everyone. Let your children guide the discussion too, as their questions will often start the most interesting conversations.
from Brett Ellen, the Kids Finance Coach
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