Tips to get the conversation started with the young people in your life

Here are some tips to get the conversation started with the young people in your life:

Children seem to have money to spend before they understand what money is really all about. Help your child appreciate the fundamentals of money by having them divide their piggy bank cash into three categories: saving, giving and spending.

Talk to your child about their career ambition. What will it take to get into this career? What kind of salary might they expect? Would it be enough to support the lifestyle they envision? Conversations like these will give your child a sense of the financial realities of life after graduation.

Include your child in the financial decisions you make every day. Build a family financial plan together - while grocery shopping, ask them to calculate the price of goods and keep a food budget, or include them in the decision-making process for larger financial decisions, such as selecting the best options for a family vacation or major home renovations.

Help your child understand the value of money by reviewing the difference between “needs” and “wants.” Have a conversation about people who are less fortunate, discussing ways in which you can share what you have with them.