How to start talking to kids about money, even if you're not sure where to begin

Many parents say they were never taught how to manage money, and that can make it hard to know where to begin with their own kids.

During Financial Literacy Month, the In Your Corner podcast from CBS News Philadelphia explores how families can start building smart money habits early, even in a world where cash is rarely used and spending often feels invisible.

Certified financial planner Regina McCann Hess says kids begin learning about money long before parents realize it.

"They learn the money mindset early," she said.

Everyday moments matter

McCann Hess says everyday situations, like grocery shopping or saying no to an unplanned purchase, can help kids understand how money works.

She says those small conversations help set expectations and normalize talking about spending and saving.

Making money tangible again

With so many transactions happening digitally, McCann Hess recommends using cash to help kids visualize money.

"I think it's a great way to teach children with the cash," she said.

She suggests giving kids a set amount and letting them decide how to divide it.

"They can see, OK, well, I'm going to put $3 in my save and $4 in my spend and $3 in my donate," she said.

Watching money accumulate over time helps make the lesson stick.

Needs vs. wants

Another key lesson is teaching kids the difference between what they want and what they need.

"You don't need the latest phone," McCann Hess said.

She says letting kids save toward goals, instead of buying things immediately, teaches patience and long‑term thinking.

Starting earlier than you think

McCann Hess emphasizes that parents don't need to be financial experts to get started. What matters most is starting the conversation and keeping it going as kids grow.

"The sooner you start, most people don't even want to talk about money," she said. "It's like one of the most uncomfortable things."

She says making money a normal topic at home helps kids feel more confident later in life.

You can hear the full discussion on the latest episode of the In Your Corner podcast. Each week features a different guest expert. You can find new episodes posted every Wednesday on the CBS Philadelphia YouTube channel.

Looking for help with a consumer issue? Click here to submit your complaint to In Your Corner.