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Thursday, January 29, 2009
Parents have a big responsibility to set a good example for their children in every aspect of life. All children imitate what and who they see. Because they spend more time with their parents than anyone else that is who they will imitate the most. This includes imitating their parents spending habits.
If parents have a cavalier attitude toward spending money a child will adopt the same attitude. Children are smart and they will quickly realize it if their parents are spending frivolously every time they go to the store but at the end of the month are stressed because they cannot pay the household bills. This is not a good example.
Money that is handled with respect is money that will be around for more than one day. Lack of money is the reason why many couples in a marriage argue. Parents that come from two different backgrounds when it comes to money will likely butt heads.
Because parents are individuals too they may have different approaches to spending money because of the differences in their families as they were growing up. They need to reconcile these differences so that the children do not see a conflict.
Learning to save takes time even for parents. We didn't all grow up with money-savvy parents. But now it's time to break the cycle of overspending and debt. Parents can take a money management class or read a book on the subject. As they learn, so will the children. The information can be shared at family meetings.
If the family doesn't have a financial plan, start one. Gathering the family together to do this is another way to include children in financial decisions. Being part of a family meeting shows children the role money plays in the home. Family meetings can be a place to voice any concerns about money and to find answers together.
It is sometimes easy to see what type of financial history a person had by looking at their spending habits. Some kids who grew up with parents who survived the depression watched their parents hold on tight to every dollar and never want to spend a dime on anything. They hated that so now they are big spenders and never save a dime.
That creates a problem for their families because while they are not tight fisted and depriving their children of everything they are not teaching them to save either. Wouldn't it be a better idea to sit down and discuss finances with your children so that they can see the need for a balance?
If parents have a cavalier attitude toward spending money a child will adopt the same attitude. Children are smart and they will quickly realize it if their parents are spending frivolously every time they go to the store but at the end of the month are stressed because they cannot pay the household bills. This is not a good example.
Money that is handled with respect is money that will be around for more than one day. Lack of money is the reason why many couples in a marriage argue. Parents that come from two different backgrounds when it comes to money will likely butt heads.
Because parents are individuals too they may have different approaches to spending money because of the differences in their families as they were growing up. They need to reconcile these differences so that the children do not see a conflict.
Learning to save takes time even for parents. We didn't all grow up with money-savvy parents. But now it's time to break the cycle of overspending and debt. Parents can take a money management class or read a book on the subject. As they learn, so will the children. The information can be shared at family meetings.
If the family doesn't have a financial plan, start one. Gathering the family together to do this is another way to include children in financial decisions. Being part of a family meeting shows children the role money plays in the home. Family meetings can be a place to voice any concerns about money and to find answers together.
It is sometimes easy to see what type of financial history a person had by looking at their spending habits. Some kids who grew up with parents who survived the depression watched their parents hold on tight to every dollar and never want to spend a dime on anything. They hated that so now they are big spenders and never save a dime.
That creates a problem for their families because while they are not tight fisted and depriving their children of everything they are not teaching them to save either. Wouldn't it be a better idea to sit down and discuss finances with your children so that they can see the need for a balance?
About the Author:
Can cancelling a credit card save you money on your debts? Learn whether they're as good as they sound on the Debtopedia website at http://www.debtopedia.com where you'll get your free copy of my report Secrets Of Credit Card Debt
posted by Credit Counseling at
4:26 PM
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