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Dollars and Sense: How to be honest with kids about financial struggles

Money is tight for many families right now. Certified financial planner and creator of the BusyKid app talks about how to broach the subject with your kids.

SACRAMENTO, Calif — Life can sometimes feel like it revolves around money, however, talking about it can be challenging to discuss with kids.

We spoke with Gregg Murset, a certified financial planner and CEO of an app called Busykid, that teaches kids about money through their household chores.

“We’re trying to mirror reality for kids because I believe that kids do the best, learn the best when they’re doing it,” Murset said.

Busykid teaches children about payroll, stocks, and being responsible about money. For some parents right now though, in the midst of a global pandemic, teaching kids about money may not be on the top of their minds.

Money is tight. People are unemployed and businesses are struggling, but how do you explain that to your kids?

“With younger kids, they want to feel safe,” Murset said. “I don’t think you want to scare them. You can say, ‘I lost my job, but we’re gonna be OK.’ I say try to be as optimistic as possible.”

He encourages parents to not make it a formal conversation, but to let them know what’s happening and be honest. Also let them know how much things cost so they get an idea of what's being spent themselves.

“You can almost off the cuff mention how much stuff costs like, 'oh, I had to pay the electric bill today, the garbage bill' or whatever the case may be,” Murset said.

Do you have a personal or business financial question that needs an answer? Let the dollar and sense team know by texting us at 916-321-3310.

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