Talking to children about money and finances can be difficult, stressful and for some even awkward. But experts say financial talks are some of the most important conversations to be had with your kids because the relationship they have with money now could impact them later in life.

So here’s a list of some of things you should be chatting about:

Saving money

If a child can experience what it looks and feels like to save money, they'll never forget it. And that starts with that feeling we get when we've gotten a good deal.

“It's wonderful. I only look for deals,” said one woman on Robson street, “I don't ever pay regular price.”

Challenge your kids to make their dollar go further by price checking.

“If we go to Barnes and Noble, and my son likes a book, we’re also going to look it up on Amazon while we’re in the store,” explained Alok Deshpande, CEO of Smartpath, “Because I want to see if I’m actually going to save or not.”

Making money

Then look at making money. One way to teach children how to generate cash independently is to get their help selling stuff online.

“Let them take the pictures, let them put it up online. Let them do the research to set the price. And then give them 30 per cent,” advised Deshpande.

Compound interest

Experts recommend you help kids experience interest by giving them $50 and then paying them interest. If you tell them you will give them five per cent interest every week, that $50 will be closer to $180 after six months.

Loans and credit

Finally, talk to older teens about paying for college and student loans, and about responsible use of credit cards.

“That is a really great time when the kids are listening. They're engaged, they're in tune because it's about their life. It's not about a parent nagging,” said Deshpande.

Show teens how to use credit wisely by paying your bill in full each month. And if you’ve had credit card debt in the past, share how difficult it was to pay it down.

If your kids see you making responsible financial decisions, they may be more likely to follow your example.