So, for those of you who would rather talk the birds and the bees than money, here are some helpful tips from financial expert Dave Ramsey to get the conversation started:

Start slow
Simply answer you child’s money questions. You may be surprised to find out what they already know or what they think they know. This will open a comfortable line of communication regarding money questions.

Be honest
If you regret going into debt or not saving more for college, tell your kids. Parents so rarely have open, honest moments with their children. Kids can handle it – really.

Learn together
Eventually, you’ll touch on topics you may not completely "get" yourself – like mutual funds, HELOCs, or the principles of compounding interest. Admit that you don’t have all the answers, and do the research together. Or, reach out to a MACU representative. We would be happy to help you learn more!

Set family goals
Let your children sit in on and contribute to family budget committee meetings. Just remember, though, that you and your spouse are the adults. Only mom and dad can make the final decisions. This process will teach your children about sacrifice and what it really takes to save up for that Disney vacation.

Talk values, not figures
If you’re hesitant about disclosing your salary and major expenses to your kids, don’t sweat it. The good news is your kids don’t really want (or need) to know that stuff. They need concepts, like saving, budgeting, paying down debt and giving.

If you would like your child to get more hands-on experience and learn how to handle a bank account from a young age, check out MACU’s Penny Panda account. It’s a great way to make saving fun!