Have you had the (money) talk with your kids?

Many families struggle with when to let their children in on their
conversations about money. Or how to approach their parents in the Have you had the money talk with your kids?desire to help or rest in the knowledge they have prepared financially.

My advice? The earlier, the better.

Depending on the ages of your children, openly discuss your budget, your financial plans, and goals. Just as you talk about the Lord as you go along the way, teach your kdis about handling money throughout the week.

Involve the children when shopping. Show them how to buy what you need, not want (except for special occasions). Demonstrate self-discipline.

Give teens a clothing allowance so they learn to shop seasonal sales and save for what they need. Once they have a job, they should have a checking account and know how to properly use a debit and credit card. And, the importance of paying it off each month! Read books, attend seminars together, and impart the truth that God owns it all. We are His stewards.

Teach them how to buy used vehicles and real estate. Your expertise will impact their future decisions.

At least one relative outside your marriage should know the locations of key documents, codes or keys to safes and safety deposit boxes. At some point, reveal trusts, estate plans, and long-term health care wishes. If you use an investment planner, allow the children to attend a meeting and get to know the advisor.

This is important for you to do with elderly relatives as well, because you need to be prepared for the time when they are no longer able to make wise decisions.

Did you know that we offer a comprehensive online course in biblical financial management? The MoneyLife Personal Finance Study will help you get out of debt, increase savings, and decrease stress. It could be life changing! 


Chuck Bentley is the CEO of Crown, the largest Christian financial ministry in the world, founded by the late Larry Burkett. He is an author, host of My MoneyLife - a daily radio feature, and a frequent speaker on the topic of Biblical financial principles. Follow him on Twitter and visit for more help.


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