Issue Date: March 8, 2009
Kids' money lessons
My husband insists our kids should have the kind of birthdays and holidays he didn't have, which usually means spending more than we should. I say that instead of spending, we should be talking to our kids about why we can't go all out. Your thoughts?
W.O., Illinois
It's no secret that money is the No. 1 reason so many couples split up. As a matter of fact, financial experts say that most Americans would rather discuss sex than get down and dirty about day-to-day dollars.
Eric Tyson, author of "Personal Finance for Dummies," says this is because most adults today are, to put it bluntly, financially illiterate, and what they know about money comes from a watch-and-learn approach. "Depending on which parent you emulate [the cheapskate, the spender, the secret hoarder], you could end up with die-hard habits that could make it impossible for you to be open to where your significant other is coming from," he says.
That said, giving your kids the "bucks and budgets" talk is a great idea, but make sure you both get your own debt-and-dollars education. Seeing a financial adviser can help you think about money less emotionally and understand how a budget really works, including how to fit in a special occasion without busting it.
Always remember: What's important is not the money you spend, but being able to focus on each other and having fun.
Want to know more about teaching children about money? Click here.
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