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Financial Conversation Starters Based on Your Child’s Age

Elementary Level – Teach about the role of advertising, so they understand the difference between wanting something and needing something. Discuss earning an allowance to teach the value of money. Make life events teachable moments. Example: They want a $50 toy. Tell them a McDonald’s worker typically makes $10 an hour, which means five hours of work to afford the toy. Is it still worth it?

Middle School Level – Share with them how you use your paycheck every month – bills, mortgage, groceries, and other spending. This will help them start thinking about budgeting expenses, career goals, and a desired lifestyle. Even introduce the idea of compounding interest and what it can do to small amounts of money to encourage them to save.


High School Level – Start cutting the purse strings and have them pay for any discretionary expenses. Start having real-life discussions, like how to buy a car, rent a place, manage a job, and balance a checkbook.  


Quote to Remember: “Here’s the main problem: We have teenagers signing off on $20,000 student loans without being able to balance a checkbook,” says Vince Shorb, CEO of National Financial Educators Council.



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