Talking About Money with Your Kids

There is more to money than dollars and cents — and it’s important for children to start learning about it early, says a University of Calgary alum who has written two books on how parents can help kids learn to navigate the world of finance.  

Moneywise Mabel’s Bursting Bank, the first children’s book by Kalee Boisvert, BComm’08, MBA’19, a finance professional with Raymond James, is a fun, easy-to-understand way to teach school-aged kids concepts of personal finance. Inspired by her daughter, Ivy, the book tells the tale of Mabel, a child learning the beginner fundamentals of money management.  

She also has a second children’s book on the way in 2025, so, we thought who better to ask for advice on how to introduce your child to money? 

“Money isn’t just about math — it’s about meaning,” says Boisvert, who also wrote Make Money Your Thing, a book aimed at women looking to start their financial journeys. “The way we talk to our kids about money helps shape how they feel about their own worth, agency and ability to navigate the world.  

“Every money moment is a chance to pass on something deeper than dollars — like self-trust, critical thinking and even generosity.” 

Open Communication    

Boisvert emphasizes the importance of establishing open communication about money with kids. Having these conversations gives you the opportunity to offer perspective in an open and understanding way. For example, when Ivy asks for things, Boisvert uses it as an opportunity to discuss the value of money. 

“I tell her about my first job, how minimum wage was $5.90 an hour, and I ask her know how many hours it would have taken me to earn money for things like her American Girl dolls,” says Boisvert.   

She finds that asking questions like: “How much do you think people pay for a house?” or, “How much do you think people make monthly?” can always lead to interesting conversations.   

“It’s fun to hear her [usually very outlandish] answers, so I can reel them in and be more realistic,” Boisvert says. 

Boisvert emphasizes that these discussions not only make the topic of money less intimidating, but they also help children develop a practical understanding of financial concepts from a young age. 

“Getting a paycheque and paying bills, these are all things that we do know. You don't have to teach them how to be the next Warren Buffett, but be confident that you know enough like the difference between a credit card and a debit card and things like that.” 

Don’t Make it a Taboo Subject 

As adults, we often view money as being something we need to keep under our hats. But, as something so important to all of our personal lives, we should really all be talking openly about money with our children, Boisvert says. Focus on keeping the topic of money positive and light to encourage conversation and avoid the idea that money should be a “taboo subject”, she says. Starting children early on with the ideal that they “don’t need to feel super-negative about money or thinking that everything is so expensive,” gives you the chance to ask them questions and lets them get curious and know that it's okay to talk about, Boisvert says. 

“We are talking about very basic concepts so there is no reason to be intimidated,” she says. “Getting a paycheque and paying bills, these are all things that we do know. You don't have to teach them how to be the next Warren Buffett, but be confident that you know enough like the difference between a credit card and a debit card and things like that.” 

Know You Have Knowledge to Impart 

Some parents carry a bit of self-doubt about what they can teach their children if they don’t consider themselves to be experts on the topic. Boisvert suggests that we shouldn’t let that discourage us from taking on the responsibility of teaching kids about money.  

“Some parents feel unsure about having money talks because their own experience was shaped in silence or shame,” says Boisvert. “I always tell them: your awareness of that is your superpower. You don’t have to have had it modelled to be the one who changes it.” 

It’s powerful to say to your child, “This is something I’m still learning too — and I’m excited we get to learn together,” she says. 

Give Them Opportunity 

Money lessons don’t always need to be formal. Some of the most lasting impressions happen in the in-between — when your child sees you comparing prices at the store, for example. Those moments shape their internal narrative around money more than we realize. 

One suggestion Boisvert makes is to offer kids opportunities to try and test it all out. Giving your children an allowance for doing work around the house lets them gain a sense of value. When they go to buy something, they look at the cost and know what it represents. Let them have the opportunity, she says; they might just spend it all right away on something useless, but you still need to let them try and experiment.  

“I let Ivy experiment in fun little ways, where it’s low stakes,” Boisvert says. “Maybe it's like they're having a birthday party and you're like, OK, this is the budget, what do you want to do for your party? And they can kind of get involved in and see the cost of things.” 

“One money conversation I’d love to see more of is about giving,” says Boisvert. “We often teach kids to save and spend, but forget to talk about how money can also be used for good.” 

Reframing the “No” 

One of the most common money moments parents face is saying “no” to something their child wants — whether it’s a toy, an activity or the latest trend. And, while it can feel easier to say, “We can’t afford that,” Boisvert says there are other ways to set a boundary that also teach values like intentional spending and patience.  

Instead of framing the “no” as a limitation, she suggests responses like: 

• “That’s not something we’re choosing to spend on right now.” 
• “Let’s think about whether that lines up with our priorities.” 
• “Maybe this is something we can plan and save for together.” 
• “Let’s add that to your birthday or holiday wish list.” 

These alternatives keep the conversation rooted in choice and values — helping the child understand that money decisions aren’t always about ability, but about alignment with what matters most, Boisvert says. That kind of language plants powerful seeds for future financial confidence. 

Charitable Giving as a Money Lesson 

“One money conversation I’d love to see more of is about giving,” says Boisvert. “We often teach kids to save and spend, but forget to talk about how money can also be used for good.” 

It’s one of the reasons why Boisvert has written a second children’s book: Moneywise Mabel and the Magic of Giving (due to be released this month) to introduce the idea that even small acts of giving can make a big impact, especially when done with intention. In keeping with that theme, Boisvert plans to donate 100 per cent of proceeds from the book to charitable organizations that support families.

 

Remember You’re Already Doing More Than You Think 

Finally, Boisvert offers this piece of advice to all parents:  

“To every parent who’s trying — just know: your intention alone is powerful. If you’re being mindful, if you’re having the conversations, even imperfectly, you’re already giving your child something many of us never had — a conscious, empowered start.”