Monday, 3 August 2009

Are You Good with Money? Your Children will be Too

By William Blake

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 problems are at the root of many marital conflicts and this has a huge impact on children. It is important for parents to use their money wisely so as not to put a strain on their marriage and on their family.

Before the children become adversely affected, the parents need to talk out their differences and come to a common viewpoint on how to handle the family finances.

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.

Do not exclude your children from all discussions about the family's finances. Of course there may be times when parents have to discuss financial matters privately. But when creating a budget or discussing needed adjustments to the budget include the children so that they can see that you have a plan and you are working to follow it.

As a child, my family didn't have a lot of money. When I was old enough to have a job, I would spend my money on whatever I wanted. I didn't want to live a life where I was deprived of things because I didn't have money. I worked hard, but spent every cent.

This carried over into my adult life and created problems when I got married and started a family. My parents didn't do anything wrong, there just could have been a few more right things done. We never talked about money. It was a grown-up thing and children weren't included. I went with what I perceived to be the truth when it came to money.

About the Author:

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