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You know what they say... two things you can always count on are death and taxes. But in my house growing up, there were two more constants:

1)    Get out of the pool when Mom says so.

2)    The answer to almost any question is "supply and demand."

It might sound funny to you hearing a little kid talking about economic principles, but my parents talked to us about money and finance as much as they did My Little Pony.

When I was seven or eight, my dad started explaining the very basics of stocks ("Did you know you can own a small piece of Disney?") and even prompting me to do a little analysis ("What companies do a lot of people really like? Do you think they make a lot of money?"). By 10, the conversation had shifted to how much money you could have at 40 if you started buying shares of stock at 18.

And it didn't stop there.

In middle school, my mom used an envelope system to show me how a budget works. In high school, my parents took it to the next level and started a family investing competition that took over our entire summer.

But my favorite money talk? That happened when I turned 16 and my parents were considering leasing a car for me. But instead of just signing the papers and handing me the keys, we first had the conversation about the future value of money. Was the money it took to lease a car really worth the value? If I took that same amount and invested it, how much would it be when the lease was ending?

They still chose to lease the car, but it was a lesson that stuck with me — big decisions have big financial considerations, and sometimes it's worth waiting.

What I'm trying to say is money wasn't some mysterious adult thing we weren't allowed to talk about. It was as natural a topic as what's for dinner. Looking back, I can't imagine my life without that early financial grounding.

But here's the question: When do you start talking to your kids about money? And maybe more importantly, how?

Why It's Important to Teach Kids About Money

Let's get real for a minute: Did you grow up talking about money?

A lot of people didn't. Most of my friends are shocked when they hear about my childhood and how casually my parents talked to us about money.

My guess is that most parents think their kids are too young to understand, or maybe they don't feel comfortable discussing finances themselves. (Or maybe they were worried their kids would tell everyone in school how much money their family had — or didn't have.)

Whatever the reason, many people hit adulthood without the faintest clue how to budget, save, or (gasp!) invest.

And that's a problem.

According to recent studies, only 23 states require personal finance education in schools. That means if parents aren't stepping in, kids are left to figure it out themselves — usually through mistakes. (Sound familiar?)

But here's the kicker: Teaching kids about money early gives them a huge advantage. I mean, imagine having learned about credit cards, compound interest, or budgeting before you racked up that first big bill?

Financial literacy isn't just about knowing how to pay the rent or buy groceries — it's about giving your kids the tools to make informed decisions and avoid debt traps. It's about teaching them that money management is more than just a series of small decisions, like whether to buy that candy bar at the checkout. It's about understanding that every financial choice is part of a bigger picture — a lifelong plan.

Tips for Teaching Kids About Money

So how do you start these conversations with your kids? It's easier than you might think. (I mean, if my parents could teach me about "supply and demand" before I could do basic math, you've got this.)

1) Start Early

Kids are sponges. They pick up on everything — everything. That's why it's never too early to introduce basic money concepts and how money and finance is basically everywhere.

It started with an allowance when we were five (more on that in a moment), and continued from there, always framed in a way a kid could understand.

Those conversations about stocks that I was having with my dad? I didn't know I was learning something. I thought we were just talking. And more than 25 years later, those conversations are still easy to recall. We were always talking about things I was interested in — my two favorite restaurants (McDonald's and Chili's), Disney, My Little Pony (Hasbro), etc. — so it never felt intimidating.

Same story with "supply and demand." Why does the price of gas change all the time? Why is candy so much cheaper after Halloween? Why are some cars more expensive than others? Why do they only make a certain number of Beanie Babies? None of these were advanced, hard-hitting questions. Just the normal observations of a kid.

The difference is my parents engaged with us when we asked these kinds of questions — answering them in a way we understood and even asking follow-up questions of their own.

2) Allowance as a Teaching Tool

Allowances can be a game changer. But here's the thing — it's not just about giving kids money. It's about showing them how to manage it.

In my house, we got allowances from a young age. It wasn't much, but it was enough to teach us the basics of budgeting. And my parents didn't just hand us cash and walk away. They made it clear that we needed to save some of it, and a portion had to be set aside for donating. The rest we could spend as we wanted.

This setup taught us that money had different purposes. It wasn't just a free-for-all to blow on candy or toys. It was a resource we had to manage wisely.

These lessons stuck with me as I grew older and started earning my own money. And they'll stick with your kids too.

3) Saving and Goal-Setting

This one goes hand-in-hand with giving your kid an allowance.

Kids love goals — whether it's saving up for a new toy, a game, or even a bike. Use that to your advantage.

Set up a piggy bank, a jar, or even an app where they can watch their savings grow. Help them set a goal and show them how long it'll take to reach it. Delayed gratification is a tough concept, but once kids see the payoff, it's all worth it.

Plus, it's a great way to show kids how expensive things can be. I still remember saving up for my first big purchase, a set of Lion King stuffed animals with magnets in their noses that made them kiss. It wasn't much — probably $15 — but at six, it took months to save up the money for them. The pride I felt when I handed the cashier my own money to pay for them? Priceless.

4) Use Real-Life Situations

You don't need a fancy lesson plan to teach your kids about money. Just use real life.

Next time you're at the grocery store, explain why you're buying the off-brand cereal instead of the name-brand one. Let them help you compare prices or stick to a shopping list. Show them how you're making decisions based on a budget — kids need to see this stuff in action!

For older kids, let them take a peek at the monthly bills. (Trust me, it'll blow their minds.) Show them the rent or mortgage, the utility bills, the grocery receipts. This will give them a real sense of how much life costs and why budgeting matters.

Oh, and don't forget to include the unexpected. That random car repair or medical bill? Yeah, show them that too. They need to see how quickly things can add up.

5) Introduce the Concept of Earning

One of the most important lessons kids can learn is that money is earned. Whether it's through chores, small jobs like a lemonade stand, or walking the neighbor's dog, kids need to understand that money comes from work.

I remember taking on a whole host of extra "jobs" the summer I was 13. If a neighbor was going out of town, I was picking up their newspaper, watering their plants, or feeding their pet bird. Hot day? I'd be out by the neighborhood entrance hocking ice-cold lemonade as people came home from work. And because it was extra money I earned, I was free to spend it how I wanted (going to movies with friends).

And here's where it gets fun — tie this back to their savings goals. If they want that new video game, show them how many chores or small jobs it'll take to earn the money. They'll appreciate the value of a dollar a whole lot more.

6) Budgeting Basics for Older Kids

Once your kids are a little older, it's time to up the ante. Enter budgeting.

I remember one summer when my mom used the "envelope system" to teach us about budgeting. At the start of every week, she'd withdraw the cash amount for their budget, and then we'd split the cash up according to its corresponding envelope.

Most of it was basic; we'd put the "grocery" money into the "grocery" envelope (which she'd then pull out at the grocery store to show us how we have to stick to the amount in our budget).

But then there were the envelopes for bigger, more one-off things, like "haircut" or "school supplies." Even though those expenses were weeks and weeks away, we'd still put $10 or $20 in those envelopes each week.

But — and I honestly remember being surprised by this the first time, like it was magic — when it was time for that haircut or new backpack, poof! All the money I needed was in the envelope. Because we had set aside a little bit every week.

Then, as I got older (probably in high school), she asked me to come up with my own budget. She had me start by listing all my expenses and how often they occured. The next day, we looked at my list together and she came up with about a dozen things I hadn't considered. The day after that, we went through the entire list and put down the actual cost next to each expense. Not only did this teach me how to make a real budget, it taught me to appreciate how much my parents spent so we could have the life we did.

If you really want to take it up a notch, consider making your teenager an authorized user on your credit card. (Yes, you read that right.) This way, they can learn how credit works while you still have oversight.

But make sure to sit them down and explain the importance of paying off balances and avoiding high-interest debt. This can be a game-changing lesson that prevents future financial headaches. Just be sure they understand that they'll be on the hook for any purchases they make — and then hold them to it. I can guarantee you Visa will.

7) Stay Consistent

This is the most important piece to talking to your kids about money. You can't just do it once — it has to be consistent throughout their lives.

Look, I get it — talking about money with your kids isn't always easy. Especially if you're dealing with tight budgets or you're someone who gets stressed out by finances. But don't let that stop you.

Start small. Use age-appropriate language, and keep the conversations positive. You don't need to overwhelm your kids with the weight of your financial burdens. Focus on teaching them simple, manageable lessons that they can build on.

For example, our boys are only two, but I still talk to them about our "budget" when we're shopping. If one of them asks to buy something while we're shopping, I first judge whether I want to buy it for them, and then either say, "Sure! We can try mango this week! It wasn't on our list, but we can put back the blueberries and buy this instead." Or if it's something we don't need (or that I simply don't want to buy for them), I'll say, "Sorry, buddy. That's not on our list this week, so we're not going to spend money on it."

I'm not going into detail about the larger financial implications of every choice we make, but I'm introducing important concepts like sticking to a shopping list and reallocating money.

And if you're not a financial expert yourself? That's okay! Learn alongside your kids. Use this as an opportunity to build your own financial literacy while helping them develop theirs. You're not expected to have all the answers — you're expected to be their guide.

Little Conversations, Big Impact

Don't wait until your kids are teenagers or about to head off to college to start talking about money. Start those small conversations now. And remember, it doesn't have to be formal. Use everyday moments to teach, learn from your own mistakes, and show them the bigger picture.

You'll be amazed at how quickly they pick up on it.

And who knows? One day, you might find yourself in an investing contest with your kids, watching them make smarter financial decisions than you ever dreamed possible.