has opened up new opportunities to initiate these discussions – whether that’s for a reason as simple as everyone being home and cleaning out closets together, or for one as difficult as job loss and having to cut way back on nonessential spending.The Adventures of Billy and Penny . And she also has some exercises and games to make money smarts feel manageable and digestible for kids from ages 2 to 22.
“You cannot say to kids, ‘We cannot buy that right now; we do not have any money,” Orman says. “[Instead] say to them, ‘One day, maybe we can do that again. But right now, everybody is staying at home. [Our family] is safe and sound in the house.’” Next, ask if they would rather have the money in their piggy bank, as opposed to a pile of stuff they no longer want. “They will say yes,” Orman says – a valuable lesson.
Many families, however, truly need the stimulus money to survive. In that case, have a very different conversation with your children. Ask your kids write down their best guess about the costs of everything you spend money on. How much is Netflix? How much do you spend on groceries? “You’re not entitled to money, just because you were born,” Orman says. “Here’s how the real world works: You work for your pay.”
The money expert says the pandemic can inspire conversations “about money with children in every aspect of their lives, from what they spend it on, to what they think they’re worth, to getting rid of things,” Orman says. “Teach them money smarts and how to value even pennies.”This is also a great time to reset and change your family’s spending habits. You can’t eat out. You can’t go hang out at the mall, or browse Target to kill an afternoon.
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