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How to tell to your kids?

August 3, 2023

Two discussions give parents the cold sweats. Telling your kids where babies come from, and telling your kids where debt comes from. Children will learn a lot about money from simply observing their parents. Do you shop around before buying? Do you use coupons at the grocery store and proudly crow, “I just saved us BGN 13.97!” Do you gripe about bills and get calls from debt collectors?
Have you had to announce that due to unforeseen financial circumstances, this year’s family vacation will be spent in the backyard kiddie pool instead of Disneyland in Paris?  Whether you like it or not, your kids are going to learn about money, debt and financial behavior from you. So, when and what should you tell them?

Factors to Consider When Telling Kids about Debt depends greatly on their age, maturity and resiliency, but a basic rule is to start slowly.