Ways to teach your kids about money during quarantine

1. Just talk about it. A big part of kids learning to talk is just speaking with them consistently. The same can be said when you start teaching them about money. As you pay for something with a credit card, talk about how that process works. Explain why certain items go on sale and then talk about how great it is to pay less for something. Don't worry about stuff sailing over their heads, because it's all part of a process.

2. Make saving fun. Collect all your pennies in a jar and go get ice cream when you have a few dollars. Roll quarters together to show what $10 looks like. Make a chart with goals so every purchase feels like an accomplishment. When we get exhausted by life, we tend to buy toys and video games with haste to provide that instant gratification. If you can make the build-up to the buying enjoyable, you teach a good lesson while spending less in the long run.

3. Explain income. At seven and nine, your children are entering the phase where these lessons will actually sink in. After you tell them how money works, explain how you got the money in the first place. Don't shy away from talking about salaries and earnings. At some point you'll have to talk about why some families make more or less than others, so don't hesitate to touch on the subject early. If you're open and honest about these topics, it will make all the money issues easier to discuss. You'll get less pushback on allowances and vacation spending and the budgeting you do will start to have some context in your kids' eyes.