It may be time to talk with your kids about how tight your budget is for Christmas.
Gregg Murset, who runs a business called BusyKid and is a certified financial planner, said “go ahead don鈥檛 be shy … I think they love it, and I think they get it quickly.”
On a recent episode of 草莓传媒’s DMV Download podcast, Murset suggested explaining inflation and tight budgets to children with relatable everyday experiences, like going to the gas station.
For example, said Murset: “Hey guys, we’re filling up the minivan again because I have to drive you to piano practice and soccer, and all this stuff. It used to cost us $50 to fill it up, now it costs us $80.”
Murset said he understands some parents think it鈥檚 better to avoid talking about money with kids so they don鈥檛 get stressed out, but he thinks you’re doing them a disservice.
鈥淲hy would you set your kid up for a big fat surprise, when they get to college to figure out they鈥檙e clueless?” he asked.
For more tips on how to talk to your kids about money, featuring Murset.
