How to raise financially responsible children.Author: William Bevins, CFP® CTFA | May 25, 2021 | 0 Comments | 7 View(s)
Becoming a parent is a lot of responsibility. It requires heightened levels of patience, reservation, and commitment. Children are impressionable and what they learn in early years develops behaviors and traits that will carry on into adulthood. While doing everything you can so that your children are happy and healthy are at the forefront of parenthood, eventually they’ll be on their own. When that time comes, you’ll want to make sure that they understand how to be financially responsible. This will allow them to avoid debt and the stress that comes with living paycheck to paycheck. If you’re not sure how to achieve this, here are some tips on how to raise financially responsible children.
It’s never too early to start discussing money with your children. There are plenty of educational resources that are age appropriate for young kids. For example, there are educational videos and resources called The Money Mammals, books with children dealing with money, and books that parents can read to better understand how to communicate about finances and their importance from an early age. You’d be surprised how quickly children will begin to understand money and finances. While it might not seem like something you want to share, try to be open regarding the family finances.
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