How to discuss money around the dinner table

Sitting around a dinner table is a great way to get the family talking – especially about money.

There are several money matters you can discuss:

Household finances

Talking about the household’s finances in front of the kids could introduce them to the financial challenges of running a household.

These conversations should increase their awareness of what types of expenses a family has and what money issues couples talk about.

They will also give you a chance to teach your kids about money. 

You could talk about:

●      What’s left in the budget for the month

●      How a savings goal is going – for example if you’re saving for a new car

●      How changes in interest rates affect your finances

●      What inflation is and why you can’t buy as much as you used to

●      Comparing prices – like getting several insurance quotes before renewing an existing policy 

Leisure and entertainment finances

You can consider involving your kids in your family’s finances.  

For example, you can discuss how much you’ve saved for a family holiday and remind your kids to set their own savings goals on the FLX App so they have extra pocket money for the holiday. (The FLX App has a built-in feature where you can set a savings goal and transfer money to that goal until it’s reached. Once it’s reached, kids can transfer the money out of the savings goal and spend it.)

If you celebrate Christmas, you could discuss how much everyone should spend on a gift and the type of gifts to buy.  You could also consider donating some money to charity and let your kids decide which charity, how much to donate and if they want to donate some of their pocket money. 

Kids’ finances

An easy way to start a conversation about how your kids are managing their pocket money is to ask a question.

For example, if they’ve set a savings goal on the FLX App, you can ask them how much more they must still save to reach that goal and when they will reach it.

You could also start a conversation by talking about how you used to spend pocket money when you were young and ask your kids how they're spending theirs.

This question may be easier for them to answer if they use FLX, because it keeps track of their spending on the linked FLX prepaid Mastercard. And because FLX is linked to your Flexischools account, you can check what your kids spent their money on before asking them, to see if they remember.

Here are some other questions you could ask:

●      What did you do today that didn’t cost money?

●      What did you buy today?

●      What are you saving for this week, this month or this year?

●      What would you buy if you had unlimited money?

●      What did your friends buy that you liked?

Talking about money around the dinner table will normalise money conversations and help your kids apply what they’re learning to their own finances when they leave home.

Help your kids learn to save and manage their money with FLX. It’s linked to your Flexischools account – so you can keep track of what your kids are spending their money on. Learn more about FLX here.

This is general advice. Read the PDSs & TMDs at before deciding if FLX is right for you. The FLX Services & Flexischools are provided by InLoop Pty Ltd ABN 27 114 508 771 AFSL 471558 (trading as Flexischools). The FLX Prepaid Mastercard is issued by EML Payment Solutions Limited ABN 30 131 436 532 AFSL 404131 pursuant to license by Mastercard Asia/Pacific Pte. Ltd.


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