Speaking to children about money is kind of tricky. On the one hand, we want them to understand its concept and be mindful of expenses and teach them about savings, but on the other hand, we don’t want to alarm them overwhelmed them with too much information that they might not be able to handle yet. However, according to our friend Ms. FinanciallySavvyLatina, Natalie Torres-Haddad, it’s important to talk to kids about money since they are little. “Simple conversations are best. Maybe as they get older, play games like monopoly, or take them grocery shopping and ask questions about the prices they see.”
Natalie’s first book, Financially Savvy in 20 Minutes, which is an International Latino Book Award winner, was just released in Spanish. Like its English counterpart, Natalie offers ideas and suggestions to young adults and parents about how to save money, when to invest, how much save, among others.
A two-time TEDx talk speaker, Natalie is also the author of the e-book, Share Your Ideas: A guide for aspiring TEDx speakers. Her new bilingual children’s book, A Dress to Remember: LA’s Prom Closet Story is now available for pre-sale order and it just topped the best seller’s list under bilingual children’s books.
I invite you to watch our IGTV!
Tips for parents when teaching children about money:
1. Start early. Kids as early as 5 years old can be taught the concept of money and that things cost money. Simple explanations like if they want to get something, let’s save one dollar a week or have them do chores for say $5-$10 a week. As they grow older, add to the chore list and add to his allowance.
2. Make it fun. Play games, take them shopping. Look at prices together, play the guessing game.
3. Find resources that you can share with them: podcasts, money kit, books.
4. For pre-teens, teens – play bank and offer to give him one month of your income with the idea that they will pay the bills that month. Make a list of the expenses: gas, food, insurance, etc. Ask them for the money. Watch how they learn how to find alternatives for entertainment that won’t require an expense. It will teach them to save and be more frugal.
5. Suggest state college instead of a private college.
6. Pay themselves first.
For more about Natalie and her books visit financiallysavvyin20minutes.com or follow her on Instagram.
Thank you, Natalie!
