Here’s Why You Should Tell Your Kids Your Salary

Photo (cc) by stevendepolo

If you’re like many parents, you struggle with how much — or little — you should talk about money with your children. Some financial experts say you should tell your kids everything, even how much money you make.

Ron Lieber, personal finance columnist for The New York Times and author of “The Opposite of Spoiled,” recommends being transparent about financial matters with your kids.

“… shielding children from the realities of everyday financial life makes little sense anymore, given the responsibilities their generation will face, starting with the outsize college tuitions they will encounter while still in high school,” Lieber wrote.

Lieber recommends sharing your salary information with your children, possibly before they leave home, according to U.S. News & World Report. He said discussing money removes the mystery surrounding it and makes it easier for kids to ask questions and make smart money choices.

But before the salary discussion, there are other ways to teach your children about money, U.S. News said. For instance:

  • Budget. If you give your children an allowance, make sure you also make them budget their funds. If your child has saved enough money for a smartphone, see if she also has the funds to cover the monthly phone bill.
  • Learn from mistakes. If your child really wants to use his money to buy a toy that you know he won’t play with for long, let him, U.S. News said. It could teach him a lesson about wasting money.
  • Go shopping. Have your kids seek out discounts with you. Keep your purchases to your shopping list and resist impulse buys. Children can learn a lot by watching what you do.
  • Find a new “piggy bank.” Instead of using the traditional piggy bank, U.S. News contributor Jennifer Saranow Shultz recommends using a clear plastic bucket or jar so kids can watch their money add up and grow.

My parents didn’t discuss money with me or my four siblings. As a result, I think we’ve all struggled (or continue to struggle) with money. My parents said they didn’t want us to worry about “adult matters,” but have since realized that they put us at a disadvantage.

As a parent, I know it’s difficult to discuss money matters, but it’s still important.

I have a 1-year-old and 4-year-old, so our money discussions are pretty basic right now. I’m still trying to explain to my daughter the difference between a “want” and a “need.” Sure, she wants a new toy, book or treat every time we go to the store, but we don’t need it like we need a gallon of milk or a jug of laundry detergent.

I just downloaded Lieber’s book on my Kindle.

Check out What Kids Should Know About Money at Every Age and Stage and our earlier Q & A with author Ron Lieber.

Would you feel comfortable sharing your salary with your children? How do you discuss financial matters with your kids? Share your comments below or on our Facebook page.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
13 Affordable Products for a Better Night’s Rest
13 Affordable Products for a Better Night’s Rest

These Amazon products can help you finally catch 40 winks — or more.

15 Great Amazon Finds You Can Buy for Less Than $5
15 Great Amazon Finds You Can Buy for Less Than $5

These products offer big value at a small price.

Don’t Trash These 11 ‘Disposable’ Items — Reuse Them
Don’t Trash These 11 ‘Disposable’ Items — Reuse Them

Are you throwing away money? Consider giving these things a new purpose.

This Type of Social Security Benefit Is Often Overlooked
This Type of Social Security Benefit Is Often Overlooked

The Social Security Administration is not helping certain people get money to which they are entitled, a report says.

20 Great Part-Time Jobs for Retirees
20 Great Part-Time Jobs for Retirees

Maybe you’re not ready to leave the workplace entirely.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
11 Things Retirees Should Always Buy at Costco
11 Things Retirees Should Always Buy at Costco

This leader in bulk shopping is a great place to find discounts in the fixed-income years.

Over 50? The CDC Says You Need These 4 Vaccines
Over 50? The CDC Says You Need These 4 Vaccines

Fall is the time to schedule vaccines that can keep you healthy — and even save your life.

9 Things You’ll Never See at Costco Again
9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

11 Senior Discounts for Anyone Age 55 or Older
11 Senior Discounts for Anyone Age 55 or Older

There is no need to wait until you’re 65 to take advantage of so-called “senior” discounts.

8 Things You Can Get for Free at Pharmacies
8 Things You Can Get for Free at Pharmacies

In this age of higher-priced drugs and complex health care systems, a trip to the pharmacy can spark worry. Freebies sure do help.

These Are the 4 Best Medicare Advantage Plans for 2020
These Are the 4 Best Medicare Advantage Plans for 2020

Medicare Advantage customers themselves rate these plans highest.

The 10 Most Commonly Stolen Vehicles in America
The 10 Most Commonly Stolen Vehicles in America

A new model parks atop the list of vehicles that thieves love to pilfer.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

9 Deep Discounts Available on Amazon This Friday
9 Deep Discounts Available on Amazon This Friday

These items are all steeply discounted — but the deals won’t last long.

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

10 Reasons Why You Should Actually Retire at 62
10 Reasons Why You Should Actually Retire at 62

If you can, here are several good reasons to retire earlier than we’re told to.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

14 Things That Are ‘Free’ With Medicare
14 Things That Are ‘Free’ With Medicare

These services could save you money and help prevent costly health problems.

Do This in the Car If You Want to Avoid COVID-19
Do This in the Car If You Want to Avoid COVID-19

It takes just seconds to take this simple preventive measure.

15 Products You Need — Even If You Didn’t Know It
15 Products You Need — Even If You Didn’t Know It

Discover some must-have products on Amazon that you didn’t even know you were missing.

26 States That Do Not Tax Social Security Income
26 States That Do Not Tax Social Security Income

These states won’t tax any of your Social Security income — and in some cases, other types of retirement income.

5 Keys to Making Your Car Last for 200,000 Miles
5 Keys to Making Your Car Last for 200,000 Miles

Pushing your car to 200,000 miles — and beyond — can save you piles of cash. Here’s how to get there.

5 Things That Make Life More Meaningful for Retirees
5 Things That Make Life More Meaningful for Retirees

Retirees agree: These are the things that give them purpose and fulfillment in their golden years.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.