Economy and Kids!

Money and You

Of all the things money can buy, ask yourself what is most important to you. What financial goals do you have for yourself and your family— this year, in five years, and beyond? Using the checklist of priorities below as a starting point, build a list of your top financial priorities. There’s no right or wrong to this exercise— it’s just to help you get a handle on what money means to you, so that you can help your child understand your values.

When you’ve finished your list, you’ll likely see that the items with the highest priority are those about which you have little choice (e.g., the rent or the mortgage). As an adult, you recognize that if there’s not enough money for everything on the list, the high priority items must come first, even if you very much want lower priority items. You’ve learned the difference between what you really need and what you want. Learning the difference between what we choose to spend our money on (e.g., entertainment), as opposed to things we have little choice about, is an important concept for children. While not appropriate for very young children, you can introduce this concept as your child matures.