Teach Teens

Ways to Teach Teens Financial Responsibility

Posted on March 16, 2023 by Tim Connolly

You do not need to be a professional for teaching teens about money. Just start a discussion about money when the option arrives at home or when you are out. Your kids will naturally ask you for the specialties they desire. It is difficult when you can’t express no. Talk about how they all have little money and need to carefully decide what they spend it on.

How you earn money

Talk about how you acquire the money you control to expend. You get a specific amount of money each time you acquire it. The money you make has to cover the requirements, like food, clothes, and housing.

Show your kids where the money goes

Use everyday problems to teach your kids about money, including where it arrives from and where it belongs.

When you tap and pay

Explain that when you tap your card, it speaks to your bank which has your money in your bank account. When you wipe to pay it operates on money that you’ve made by performing and holding. Each time you tap and pay, you have less money in your budget.

Give kids pocket money

Pocket money can allow kids to understand the importance of money. You can decide to spend them on certain tasks, for example:

mowing the yard.
vacuuming the home.
washing the car.
taking the garbage out.
cooking dinner or creating school lunches.
hanging out and getting washed.
packing and unloading the dishwasher.
walking the dog.

When your child likes to spend money on an inspirational purchase, remind them about the purpose they are preserving for. Work out how much longer they’ll have to stay to get their goal if they choose to spend today.

Basic lessons on money management for teens that parents should plan to teach their teenagers early on:

Credit is not the same as cash

Teenagers are probably well-versed in how to use a credit card, swipe the plastic and spend it later or so they may believe. However, they may not understand credit card rates and fees.

Lesson Plan:

Describe how good rates, late fees, and further charges can finally improve the amount that your teen owes.

Teach how to handle debt and the significance of paying bills on time, preferably in full or else by earning more than the minimum payment due, and bypassing late or skipped payments. It’s a straightforward concept: live within your standards and don’t let spending surpass your income. This can usually be easier said than done, which is why it’s important to teach teenagers how to budget and how track their spending.

Practical application

While teenagers are living at home, the stakes for them to save money are moderately low. This is, of course, thinking that room and representative are spent by their parents, as nicely as the odd holiday. When they increase and must pay for themselves, having money evolves as a condition rather than a reward.

Communication

When some teenagers evolve into grown-ups, something like the expense of central heating can arrive as a total bombshell. You may not believe yourself to be a financial professional, but your teenage children are likely to know nobody about commission tax, paying bills, or the values and risks of credit cards.

How to Teach Financial Literacy to a Teenager

Posted on May 10, 2022 by Tim Connolly

I think it hits you that your child is growing older when someone asks you how old she is, and when you share her age, they respond, “Wow! She’s in high school!!”

As a parent, you know there are certain skills you want your child to develop before they go off to college. Yes, those practical life skills and the most important one from them is teaching teens about money.

What is considered a life skill?

A life skill is any skill that is needed to manage the challenges and activities of every day, effectively.

HOW TO TEACH FINANCIAL LITERACY TO A TEENAGER

If your teen remembers these principles, she will be on the road to developing a sound money management habit.

It begins with budgeting and segmenting the money she receives every month.

Encourage her to start doing this even before she starts earning her own money. Practice with her pocket money.

Discuss together what percentages will work best while budgeting for the month.

1. SET ASIDE MONEY TO SAVE.

This is money that should not be touched, no matter what. Money that will be saved for college. Or later on in life, for a car, a house. All those important, big investments. If your teen is like my book lover, you will need to remind her that books, though great, are not considered an important investment.

2. SET ASIDE MONEY FOR EXPENSES

There are monthly expenses that are set but then there are expenses that crop up unannounced.

Set apart an amount that includes the required monthly expenses and a buffer for those unexpected incidentals. Encourage your teen to always document every expense, irrespective of how tiny it may be.

There are hundreds of free apps out there, but nothing beats pen and paper.

3. SET ASIDE MONEY TO INVEST

Investing money in stocks and shares is a popular choice, but it does not come without a great amount of risk.

With a minimum investment of only $500 and no management fees, DiversyFund makes it possible for you to diversify your portfolio with one of the most proven profitable forms of alternative asset investment: multifamily commercial real estate.

This trust consists of high-potential real estate projects and properties carefully picked by a team of real estate investors. This team manages, renovates, and sells them to turn a profit. These profits are then shared with the investors in the trusts, which in this case, would be your child (or possibly you.) You could consider DiversyFund if your teen isn’t 18 yet.

4. SET ASIDE MONEY TO GIVE

We’re teaching our kids to tithe 10% of our income, before expenses, to give to our local church. For your family, this may look different. This could include giving to a charity of choice or setting apart money to pour back into the local community.

Teach Teens, teaching teens

Financial Literacy for Teens: Learning the Basics

Posted on May 5, 2022 by Tim Connolly

The United States may be one of the richest nations in the world, but only a little over half of U.S. adults are considered financially literate.

Few states have mandatory classes in personal finances for high school students, which means it’s often up to parents to teach teens about money and to give them a good foundation for financial literacy. Here are some pointers about financial literacy for teens to help prepare for financial independence.

Understanding how bank accounts work

If you’re a teenager who doesn’t have a bank account yet, talk to your parents about opening one and using it as a tool for discussing personal finances. Teens should understand that a bank account is more than just a place to store money.

There are often fees for using the account and, in the case of a savings account, interest paid to the account holder. A bank account can also lead towards getting a secured credit card once there’s a sufficient account balance.

Understanding compound interest

Having a good grasp of compound interest is fundamental to financial literacy, yet one third of adults in the United States have a poor understanding of it. Simply put, whether you’re talking about a savings account or a credit card, when interest is applied to money, that interest will also have interest applied to it. Over time, the value of the money can grow exponentially.

However, compound interest also applies to debt. If you owe money on a credit card, for example, the compound interest applied to what you owe can quickly exceed the amount you originally borrowed.

Understanding why credit scores are important

Any high school student who has taken an exam or brought a report card home realizes that our society uses scores to measure merit. So even if you don’t benefit from having a good credit score today, you can understand it will be important in the future when you want to buy a house or a car.

Every time you borrow money, the lender records how well you have paid it back, which counts toward your credit score. When you want to borrow more money, the lender will look at your credit score to help decide whether you’re a risk worth taking. The lender can also use your score to determine how much interest to charge you.

Learning how to balance a limited budget

Sooner or later, everyone learns to live within their means. As a teen, learning to live within a limited budget now can avoid the transition that often accompanies going out into the world. A good way to do this is to create a budget from an allowance or summer job.

If you don’t have a source of income yet, ask your parents about giving an allowance for specific items, like clothing and cell phone bills, rather than paying for those items themselves. Using a budget will teach you that any purchase, such as a new phone, will most likely require a sacrifice in other spending to make up for it.

Learning how to pay yourself first

The importance of saving money for the future is a lesson that will pay off for decades to come. If you have an allowance or a part-time job, talk to your parents about starting a savings account specifically for saving towards a long-term goal, like going to college or buying a first car.

Then, at each payday, put a percentage of that money into the account. Your parents might even consider illustrating that saving money makes money by matching any contributions you make to that savings account.

Regardless of how you approach the topic of personal finance, discuss any decisions or issues with your parents first before making financial decisions.

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FINANCIAL LITERACY FOR TEENS

Posted on May 5, 2022 by Tim Connolly

The pandemic has presented many new opportunities for parents to be involved in their children’s education and teach kids about money. Although teaching fractions with baking, historical reenactments of history in the living room, and science experiments in the backyard are fun, this is also a great opportunity for parents to offer some practical and beneficial learning about financial literacy, especially with teenagers.

YOUNG ADULTS ARE UNPREPARED TO MANAGE THEIR FINANCES

According to the National Financial Educators Council annual survey, only 24% of student respondents, and 20% of parents, say that students are prepared to deal with real-world financial challenges.

That means more than 75% of young adults have some sort of fear and confusion about earning money, handling finances, and creating good systems that will help them throughout their lives.

4 FINANCIAL LITERACY SKILLS FOR TEENAGERS

Below are some tasks that are important for everyone to know how to do, and can help start the conversation with your teen. Introducing them to terms and paperwork that you wish you’d known at their age will help give them the confidence and knowledge to act in their best financial interest.

Yes, these ideas might get you some eye-rolls and long-suffering sighs, but if you help your child become familiar with these concepts in adolescence, you will be helping them take a huge step toward adulthood and financial literacy.

1. CREATE A BUDGET

Most adults aren’t great at budgeting, as evidenced by year after year of failed New Year’s Resolutions. Reviewing your household budget with your child now is a great way to help them manage their finances in the future.

Have your child create their own budget: If your child is currently working or has a source of income, help them create their own budget and discuss with them the amount of money that goes into each category. Be sure to include savings, giving, and an entertainment budget.

Research college costs: For older kids headed to college, have them research apartment rent around the schools they’re thinking about. How does that compare to what the cost of a dorm would be? Will they take (or need) a car? What about food and books?

Budgeting isn’t a glamorous process, but if you can get your teen into the habit before they leave home, they will have a head start for the rest of their lives.

2. GO OVER YOUR W-2

Tax forms are confusing, especially if you’re new to the workforce. We only see them once a year and for many people, they are a trigger to one of the biggest adulthood stressors — taxes.

Becoming familiar with these forms and what they mean now, while they have you as a resource, will give your child a running start in personal finance, and will give you some peace of mind about their abilities.

3. TAXES

You and your teen have gone over most of the forms needed to finish your taxes, so the next logical step is to complete them.

Tax Software: If you fill out your taxes on your own, or use a software program, walk your teen through using it, especially if they have a part-time job, or have been gifted investment accounts in their name, and have to prepare taxes themselves.

Gather Documents: If you use a tax preparer or an accountant, gather all your documents and show your child what the preparer will ask for, how you organize documents, and how much it costs to have your taxes done.

Track Your Refund: Close the loop by either having them help pay the IRS (if taxes are owed) or checking your bank account for your refund and discussing what you’re going to do with that money. Make sure to emphasize savings for at least some of it!

Teach Teens, teaching teens

5 Common-Sense Money Management Tips for Teens

Posted on May 5, 2022 by Tim Connolly

A successful financial future is easiest to build on a strong foundation. If you have a child in their teens or pre-teens, try these five common-sense tips for providing financial education to kids to set them up for success.

How to Help Your Child Manage Their Money as a Teenager

1. Open a savings account sooner rather than later.

Encourage your teenager to open a savings account if they don’t already have one. This is especially useful if they have a part-time job. That way, they’ll have a safe place to store their newfound income and earn interest while they’re at it.

When opening a banking account as a teen, they may need someone over 18 to be on the account with them, so it’s the perfect opportunity to take them to the bank and help them through the process.

First, though, discuss with them how much they’d like to put in their savings account. Look at the minimum deposit amount at your bank of choice and then go from there.

2. Open a checking account to get a debit card.

A debit card is sort of like a credit card with training wheels. It’s a good way for your teen to practice handling virtual money. Once they’re experienced with spending money with a card instead of cash, they’ll be much better prepared for when they get a credit card after age 18.

Most banks offer debit cards with checking accounts these days. Have them open a checking account to start practicing using a card, as well as managing their accounts online.

3. Create a simple budget.

Budgets are only as complex as you make them. As a teen, your child will likely not have many monthly expenses and a relatively uncomplicated source of income. This is the perfect time to sit down with them and create a budget together.

When creating a simple, realistic budget with your child, start by totaling income sources such as allowance or part-time job wages. If they make extra money doing things like babysitting or refereeing on the weekend, be sure to account for that. Then, have them subtract from that their monthly expenses—including contributions to a savings account and miscellaneous spending money.

4. Give them online resources to explore on their own.

Some teens prefer to learn things on their own rather than from their parents. Luckily, there’s a whole world of reliable online resources to help them learn about money management.

We also have a resource for you, their parent or guardian. Money, as You Grow from the Consumer Financial Protection Bureau, has tips to help you teach your teens everything they need to know.

It can be narrowed down by topic, like buying a car or paying for college, and has sample questions and answers you can use when explaining things to your teen.

5. Sort out wants from needs.

Here’s one last tip for setting your teen up for long-term financial health. It’s a simple one—have them make a list of their wants and their needs.

It’s such a crucial step to money management, but often it can be overlooked by young teens in the excitement surrounding their first paycheck. Before they spend it, have them make a list of things they want versus what they need, then compare that to their budget. This way, they’re more likely to come to their own conclusions that perhaps certain “needs” are actually “wants” when they see their paycheck start to shrink.

Teach Teens, Teaching Teens About Money

Teens And Personal Finance: Tips For Teaching Teens About Money

Posted on May 5, 2022 by Tim Connolly

1. Acknowledge that your teen thinks you don’t know anything.

“When I was a boy of fourteen, my father was so ignorant I could hardly stand to have the old man around. But, when I was twenty-one, I was astonished by how much he had learned in seven years.” Mark Twain

Most children, for some period during their teenage years, are reluctant to take advice from their parents. That is a natural part of the growing up and out process.

My four children were no different. When I tried to initiate conversations about how I made money (in those years that I did), they were, at best, polite. But, these infrequent flashes of curiosity ended as quickly as they sparked.

So, I decided on a new tact: asking friends with business expertise to speak to my kids instead. That’s right; I set up little engagements with contractors, bankers, and money managers … and, my kids.

And Bill would explain how he bought materials, hired subcontractors, negotiated with landowners, borrowed money and so on. And, my kids responded with interest and good questions for Bill, as well as for my friend the banker and my friend the money manager.

Teenagers are interested in money. They know that they need it and want it. Since they will, at times, pull away from parental guidance, bring in your friends. And, you can do the same for your friends’ children.

2. Turn the abstract into the specific.

Kids get enough schooling in school. To get through to them, drop the lecture and deal in specific, relevant examples of personal finance.

One year, I sat all my kids down and explained that I was about to enter a real estate deal. I offered each of them a very small partnership interest, and I told them that they needed to understand the deal so that if something happened to me, they would know what to do.

Their first inquiry (of course) was the amount of how much they were going to make. I explained that this answer depended on several factors. They wanted to know more about these “several factors.” No longer was my talk just, “blah, blah, blah.” They now had a self-interest, and they paid attention to my responses.

The hour-long discussion that followed was one of the most productive I ever had with my kids. We covered mortgages, contracts, lawsuits, partnership agreements and a couple of other topics. I think they enjoyed it; I know I did. And, what’s more, I think they walked away from our get-together with a slightly better understanding of some basic financial principles.

There are a lot of ways to turn an abstract point into a specific example. If you want to get through to your teenager, look for these opportunities.

3. Educate yourself.

When I started writing about and teaching kids about money, I realized that there were many concepts I thought I understood … but, really didn’t. There is no better way to find out if you understand something than by trying to teach it.

For me, I never really understood mutual funds as well as I should have. So, before speaking to my kids about these investments, I spent an hour and learned all that I could. While I am still no expert, I knew more than they did and could handle most of their questions adequately.

Fortunately, I have a friend who is a stockbroker, and he gave them a much better explanation at a neighborhood barbecue.

And, more importantly, I told them that I was giving them each $100 to invest in the mutual fund of their choice, and the kid whose fund had the highest value at the end of the year would get an extra $100. In other words, try everything!

Teach Teens, Teaching Teens About Money

Financial Habits Are Learned by Age 7. Here Are 4 Ways to Give Your Kids a Head Start

Posted on April 24, 2022 by Tim Connolly

Your second grader probably isn’t discussing the Fed’s next rate hike. But according to PBS.org, their money habits are set by age seven. Here are four ways you can pique your child’s financial interest and explore the ways of how to teach kids about money.

1. There’s an app for that

Added screen time might not excite most parents, but using that time to build a child’s money mindset should.

With allowance transfers and debit cards, children can learn the value of earning cash and the importance of spending wisely, without facing overdraft fees and other penalties. The best part is that parents have full control over their child’s experience by limiting purchasing categories and reviewing every transaction.

2. Open a custodial Roth IRA

When your child begins receiving earned income, opening an IRA for them is a great learning opportunity. By having an account in their name and funded by their hard work, children will have a sense of ownership as they take an early step toward a secure retirement.

And don’t forget the investments. Encourage your child to research investments and watch them grow to make a lifelong investor. Just remember to diversify their holdings: nothing is more discouraging than watching hard-earned money disappear!

3. Make them your financial copilot

Investing your retirement account? Show them what you’re doing. Running to the bank? Introduce them to the teller. Meeting with a financial advisor? Take them with you; they might even get a sucker. When it comes to a financial education, make it experiential.

A 2018 study found that family communication patterns greatly improve financial knowledge among college students. By opening up about your financial picture to your children, they have added experience when it comes to their own financial future. Learning the abstract is important, but hands-on experience is the best way to foster their interest.

4. Learning in the classroom (yeah, really)

Financial literacy classes in public schools still have a long way to go, but some non-profit organizations are filling the gap. Junior Achievement and the Jumpstart Coalition are two such groups bringing personal finances to the classroom.

As a parent, you have a lot of influence over what is taught in your child’s classroom. Why not check to see if these or other personal finance programs are offered by your child’s school.

If they aren’t, have a conversation with the administration to see how that can be changed. If they are, get involved. Volunteers are always encouraged. When it comes to financial literacy, every parent should be an advocate.

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How to teach your children good financial habits: 6 expert tips

Posted on April 24, 2022 by Tim Connolly

Paying attention financial education for kids is brilliant for teaching them the value of money and instilling good habits for their futures. But how do we approach the subject to get the important points across and hold their interest? Read his six tips below…

Set a good example

Kevin says: “If you want your children to develop good financial habits, you should try to practise what you preach.

“You can teach them to respect money, that it is not to be taken for granted, and it is certainly not in limitless supply. That might on occasion mean saying no to their requests, but this in itself is a good life lesson.”

Start with the basics

“It’s going to help children get to grips with the world of money if they know about the different coins and notes we use, and how much different things cost. Even if they’re using play money, they can learn about transactions and sharpen their arithmetic skills.

“But they also need to be aware of debit and credit cards and electronic means of payment such as digital wallets, especially if they see you using these when you’re shopping.

“You can also talk about the concept of shopping and paying for things online – and the importance of avoiding scammers, fraudsters and rip-off artists.”

Encourage them to earn and save

“Give your children the opportunity to earn rewards for their hard work, by offering them an allowance for completing specific chores or tasks around the house. And once they are earning that money, provide a place for them to save it too.

“It’s important to teach children from a young age that money isn’t just for spending – they should be saving money regularly if possible. A piggy bank is a good place for spare cash, and they can have their own account with a bank or building society if you open one for them.”

Set saving goals

“Helping your kids to define a saving goal, whether short or long term, is a great way to keep them motivated – and teach them the value of putting money aside with a specific purpose in mind.

“For younger children, short-term goals may be more beneficial, for example, saving for a toy they really want. As they get older, you can then start to introduce longer-term goals for higher value items, such as a games console, musical instrument or excursion.

“Parents can even add additional incentives to encourage children to save more money, such as agreeing to match the amount they save.”

Encourage budgeting

“If you give your child spending money every week or month, remind them that they might want to budget until next ‘pay day’, rather than spend it all at once.

“This is a hard discipline to master and they might not readily get to grips with it – let’s face it, many adults regularly find that there’s too much month left at the end of the money. But anything you can do to help them understand you can only spend money once – and once it’s gone, it’s gone – will be valuable.”

Take advantage of technology

“There are a number of financial apps targeted at children and their parents to assist in financial education.

“These can provide tips and guidance in a way that children will understand and appreciate. Make sure to involve them in the selection process if you can – an online environment is very much a part of their lives, so it’s important to have buy-in from the get-go.”

Teach Teens, Teaching Teens About Money

Teenage Money Management Tips

Posted on April 24, 2022 by Tim Connolly

The best way to teach teens about money is for them to learn by example. Talk to them about what things cost and why you can or cannot buy certain things.

Teach Them What Things Cost

Send them to the store to buy things on a list. You can ask them beforehand to think what everything would cost together and then they can see if they guessed correctly or were way off.

Give them insight into the family budget. Show them what your mortgage is, what you pay for insurance, school fees, and what you need for groceries (and savings if possible).

Teach Them How To Save

A great way to teach them how to budget is once they’re earning their own money, to give them several ‘buckets’ to split their earnings into.

They can put some into expenses, some into personal spending, some into savings.

Give Them An Allowance

We’ve always given our children a small but consistent allowance.

They can choose to spend it or save it. In the beginning, they would spend it on silly toys and tuckshop.

Our eldest son wanted to get a tablet, so we said that if he saved up half of the money for it, then we would pay the other half.

It took him 2 years, but he eventually got his tablet.

There were several lessons learned from this:

Our son felt a great sense of achievement and pride in buying his own tablet.
He learned delayed gratification i.e. he couldn’t get it immediately, but really enjoyed the feeling of finally getting it.
Our youngest son noticed that you could buy one really nice thing, and use it a lot, versus buying sweets and toys that you don’t really play with again. He too started saving his allowance to buy something bigger and better later on.

Open A Bank Account For Them

Our son has his own bank account, which is a savings account, but he can withdraw from it when he needs some money.

It’s up to you to decide if they should have a credit card, but we decided that their basic needs are met by us.

They don’t need anything else. Whatever else they want is not a need, so they should rather save up for it than go into debt.

Explain Depreciation

Explain to your teens the difference between a depreciating vs an appreciating asset.

For example, when you buy a new car, as soon as you drive it out of the car dealership, it depreciates in value. As your car gets older, the less valuable it will be in real dollar terms.

In contrast, assets like property are usually considered appreciating because (unless there is a housing crash) the value of your home should go up over time, rather than decrease in value.

Teach Them Why Debt Has Negative Consequences

Debt management is not just about paying back what you’ve loaned, but also trying to avoid debt in the first place.

They should understand how long it took to save up for this and what you had to forego to be able to set this money aside every month.

Make sure they understand that paying back a loan comes with interest. Show them how much more they have to pay the longer they take to pay back a loan.

Final Thoughts

Teaching your teenager how to manage their money is an ongoing discussion.

Teach Kids About Money, Teach Teens, teaching kids about money

Do your teens understand money? Here are 6 tips to start the conversation

Posted on April 21, 2022 by Tim Connolly

The tween and early teen years can be a tricky time for kids.

Not only are they encountering new social situations and gaining more responsibility, they are also forming a big part of their relationship with money.

“Kids this age are old enough to really understand how money works,” said Chantel Bonneau, a wealth management advisor at Northwestern Mutual.

“They are starting to understand the consumer world,” she added. “It’s a really great opportunity to make money relatable.”

It’s also a time when kids are starting to have true peer-to-peer relationships and begin measuring themselves against others, said Ali Hutchinson, managing director at Brown Brothers Harriman and leader of the firm’s next-generation program.

“Having conversations at home, early and often, about things like income disparity, wealth disparity, the value of money —including online currency — is going to equip the kids to have a better chance at success,” she said.

It’s also important to teach them autonomy and how to delay gratification during these years.

With that in mind, here are 6 money lessons you can use with kids ages 10 to 14, because being a parent it’s your responsibility to teach kids about money.

1. Set goals

The next time your child asks you to buy something that is out of the norm — such as Justin Beiber concert tickets or a video game — ask your kid to come up with a plan to save up for it.

Work up the cost and build a plan on how you can save for it — and whether it is even within the range of your saving ability, Bonneau said.

In fact, even adults aren’t always connecting financial decisions to goals.

That’s where they get lost, she said.

“The clearer you are on the goals, it makes it so much easier to make the right decisions.”

2. Teach them how to earn money

Help your child come up with ways to earn money so that they can start saving toward their goal.

If you have the ability, pay your kid an allowance or pay for doing certain chores around the house.

You can also help your child come up with other ideas to make money, like babysitting or dog walking.

3. Understand needs vs. wants

Now that your children have their own spending money, they’ll have to learn the difference between something they need and something they want.

They’ll also have to gain the ability to delay a purchase.

You want to teach them how to make a good and best choice … with the amount of resources they have.

Have them conduct research of the item they want to buy — which will also teach them to spend wisely. Show them online reviews and help them differentiate between paid advertising, influencers and unbiased reviews.

4. Let your children fail

Even if they did their due diligence, your children may still make the wrong spending choice.

Let them, Hutchinson said.

“Research has found that maybe it makes sense to let them ‘fail’ a little bit now,” she explained.

“Maybe they will remember that feeling when it comes to potentially a bigger failure later on.”

5. Set a shopping budget

When you take your kids shopping for something like clothes, give them a budget to work with. Have them add up the purchase total, including a tax, before they bring it to the register, Bonneau said.

So, if you give your child a $100 budget and he or she comes back with $120 worth of clothing, they’ll have to decide what to keep and what to put back.

“You want to teach them how to make a good and best choice … with the amount of resources they have,” she said.

This way, “they don’t become an adult that just puts everything on a credit card because they didn’t know how to work within the context of a budget.”

6. Talk about money

Conversations around money used to feel taboo. Yet experts believe they are vital, especially for children.

You can start by asking your kids questions, such as how would you describe our family’s values, and how would you respond to a friend who wants you to pay for something you don’t want to pay for, Hutchinson advised.

“When comes to 10- to 14-year-olds, it’s really hard to know exactly what they know, so asking questions and listening to their responses is really important in this age range,” she said.