Here is today’s question of the day:
How much should kids know about the family finances?
This question has been on my mind for a couple of years now. Our boys are (nearly) 15 and 13.5-years old (our daughter’s still too young to be interested in this stuff) and I want them to have a better understanding of how family finances work. I want them to see how eating out more often means that there is less money for other things. Although I know they don’t really think this way, it’s like they see the family income as just pouring in and that there’s enough to do anything we want to do.
I think I want to take steps to educate our boys on the basics of family budgeting. What I’m struggling with is just how much information I want to give them regarding our finances. I don’t see a problem with the budget. I’m just not sure beyond that. I don’t see that it’s necessary for them to know 401(k) balances or details like that.
What do you guys think?
I’ll detail my “plan” in another post. I have some ideas that I want to share with you on teaching kids personal finance.