Why do you feel so uncomfortable when talking to your children about anything related to money or finances?
Speaking to your children about investments and financial decisions is extremely important and should be one of the most important things to teach your children while they are growing up. Being able to explain your poor financial decisions to your children could prevent them from making those same mistakes in their future.
Your family should be told if you do not have enough money saved in the event of an emergency. It might be hard to tell your family if you do not have money put aside for something that could financially ruin you, but it is important to explain why that is and how you would go about finding a solution.
Saving money to be used in the event of an emergency is a very important part of money management. If you don’t talk to your children about money management, they will be slower to learn how to spend their money wisely. They may also make the same mistakes you have in the past that could be easily avoided if you discuss those mistakes with them.
My parents are very open to me and my siblings when it comes to talking about money. They let me know how much money they make per year and don’t feel uncomfortable with talking to me about how much our car and house are worth. Due to my parents’ openness about money, I have learned how to save money, and be mindful of how I spend money.
There are times when it might be better to not talk about money with your family, like when you buy a gift or present for someone, but talking about finances to people you know and trust is a good way to compare how you are saving and spending your money.
Money should be discussed with your children, and you shouldn’t have to feel like your income is a closely held secret.
A college student