Whether you have young kids, older teens, or young adults, it’s important to have financial discussions with your family unit. Here’s some help to spark conversation in your home!

 Talk about the value of money.

As a kid, the price of a toy or a candy bar may not be tangible. Bring your entire family into the conversation of putting context to the value of money by using things like your weekly grocery bill as an example.

 Understand the difference between needs and wants.

Most purchases fall into these two categories. An easy way to visualize the difference is through a budgeting tool (like an app or old-fashioned pen and paper.) Compare money spent on groceries versus eating out and bills versus entertainment.

 Break down what saving means and set goals together.

Now is the time to discuss the difference between having an emergency savings fund and planning to save throughout the year for that big vacation and why both are important! It’s also a great time to discuss setting aside a certain amount each paycheck or month for savings.

 Share the decision-making power.

Set up learning and growing opportunities for all ages, whether it’s giving your teenager a month’s household budget to work through or allowing your youngest to make decisions with their cash in the toy aisle.

It’s as easy as save, share, spend.

 SAVE. Always save a portion of your income.

SHARE. If you don’t have money to share, donate time.

SPEND. Spend wisely by tracking and comparing.