Money can be an anxiety-inducing subject for adults, but talking to your kids about it openly from a young age lets them know that it's an important subject they can ask you about. When should you start the conversation? Probably earlier than you think. Even toddlers can understand the basic concept of money: you give money to get things you want or need. And kids around age 5 are old enough to start making decisions about how to spend or save small amounts of money they get for birthdays, holidays, or an allowance.