If I get one question consistently, it’s the simple question, “What’s the best way to teach my kids about money?” I have a simple answer.

First, do whatever you can to make it their idea. I call this using “Teachable Moments” to introduce financial education, or anything else for that matter, to your kids.

Here is a section from The Ultimate Allowance to help you with those teachable moments.

As adults and parents, most of us realize that, in life, there are teachable moments when we are open and receptive to relevant information, and there are moments when it doesn’t matter who is attempting to teach us, we are simply not willing, or able, to take in the information.
Children are no different. You probably know that sometimes it’s just flat out impossible to get your kids to learn something (or even listen) as long as you are the one who is doing the teaching. But have a friend introduce an idea or concept to them and they are open and receptive to the information.
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With the Ultimate Allowance, you will be the one introducing the program, walking your child through it and helping her every step of the way as she learns how to master this money game thing through trial and error. Therefore, it is critical that you introduce it correctly, and at the best possible moment.

First, find a time when it makes sense to bring it up. Right after they’ve had a fight with a friend or lost a valuable toy or broken a vase is not that time! I’ve heard it said that people don’t change until the pain of change is less than the pain of staying the same. Watch for a time when your child has had, or is about to have, an experience involving money. It can be either a positive or negative experience; you never can tell when a child will be receptive to new information.

When you’re deciding on the perfect time to introduce this system, here are two questions you might ask yourself first:

1. Is what I want to talk about with my child relevant to the current situation?
2. Will the information I’m about to present provide a solution to a problem or situation my child is experiencing?
If the answer to these questions is Yes, then you probably have a teachable moment on your hands.

For more information, click here!