National Money Talk Night has been designed to provide young adults with a better understanding of how to manage their finances. This night is sponsored by American Express and Jean Chatzky and provides parents with resources and talking points for those important money discussions with their youngsters. With the financial crisis at hand, it is now more important than ever to teach our children at a young age about the importance of having a healthy relationship with money.
On the Money Talks website you can print off talking points that will guide you through your talk. Depending on the age of your kids you can print the talking points that will work for the age range in your family. It doesn’t matter if your kids are in college, high school, or middle school there is a guide available to help you. You will find ways on how to start your conversation, suggestions for where you might want to do it, the important points to hit on and how to answer those tough questions.
Sign the Pledge
Jean is asking parents around the country to make a commitment to having this money talk with their children. You can sign the pledge and promise that you are going to follow through with the money talk.
Q & A Provided by Jean and Amex
- What is the National Money Night Talk?
A designated time to have a conversation with your kids about one of life’s most needed skills: managing money. - What specifically will we discuss?
The things our survey revealed both you and your kids believe are crucial: the value of money, how to save, getting a job, living on less than you make, and preparing for financial independence. - How do I start?
Take the pledge and decide you’ll make a little time for this dialogue. Then download the toolkit(s) appropriate for your child(ren) — middle school, high school or college. - Why should I do this?
Seven out of ten kids say they learn the most about money from you. You want to make sure you’re passing on correct information about earning it, saving it, living on a budget, and steering clear of debt. - How long should it last?
Don’t force yourself to adhere to a timetable. Even a 15 minute conversation over dinner can make an impact. There’s a start, middle and end to the meal, and assuming it goes well (which it will) you leave the door open for follow-ups. - What if I’m asked a question I don’t want to answer?
You mean like, “How much do you earn?” It’s okay to dodge that one — more because you don’t want to be the cause of competitive earning in the neighborhood. Twist it and say: “Let’s talk about how much it costs us to live as we do.” Then talk about the mortgage, car payment, cable bill, and how much you spend on groceries. Making a game out of it is fun, too. - If money is tight in our house right now, what do I say?
That money is tight in your house right now. Believe me, your kids already know this. They sense the tension. You can bring down everyone’s blood pressure by talking and empowering your kids to help you save on the family budget.
Suggested Amex Cards for Young Adults
There are two types of cards that are suggested by American Express and Jean as a way to help teach financial responsibility to kids. The first card is one that allows you to customize the limit of the card. This means you request the certain limit be set to the card. By requesting a low credit limit the user will have to manage the account and control their spending. The other card recommended is a prepaid card from American Express called PASS. This is a prepaid card which means you have to deposit funds onto the card before the card can be used. Once the funds are used you can add more money to the card. This is another safe way to teach young adults how to manage their money.