We all want our children to be kind and loving, as well as independent and capable of looking after themselves, regardless of our parenting styles, we all want our children to have the very best start in life. As parents, it’s our job to ensure that our children are equipped to deal with modern life and make good choices that will help to be successful and of course – happy.
Sadly, many parents fail to realize that as far as financial education goes, we’re falling short of the mark. And while it’s true that mortgages, interest rates, and tax are often hard enough for adults to understand, let alone children, it’s still our responsibility to help them make a good financial decision and give them the knowledge and tools to do so.
Believe it or not, many parents are potentially guilty of passing on bad money habits to children, without even realizing it. Are you guilty of them?
Everyone has some kind of debt. And it’s nothing to be ashamed of. However, it’s the way you handle your debt that will resonate with your children the most. If you’re refusing help, sticking your head in the sand, receiving phone calls from debt collectors, hiding from bailiffs, and constantly stressing about your financial situation then your child may believe that this is the way to behave and therefore passing the bad money habits to children. If you have debts and you’re struggling to keep your head above water, get some advice from Creditfix as soon as possible.
You and your partner fight about money
Money shouldn’t be a topic that evokes anger, resentment, and hostility. Especially in your home. Fighting about money in front of your kids simply sends the wrong message, not just about money but about how to solve disputes and problems. Always try to sort out your money issues away from the children and remain calm!
You’re living paycheck to paycheck
Of course, the cost of living is rising and our wages are struggling to keep up. Leaving many households struggling to make ends meet. If you’re living from paycheck to paycheck, you can still teach your children important financial lessons. Budgeting, saving for a rainy day, living within your means and working hard to break the financial cycle you’re currently in.
You don’t save
College, retirement, a house deposit, or just for an emergency. There are plenty of things to save for, and your children need to understand the importance of saving for a rainy day or the future. Otherwise, they could potentially blow all their money and end up in a precarious financial situation themselves.
Your own knowledge is limited
The best way to teach your kids about money is by giving yourself the knowledge first. If there’s something you don’t understand about money, then do some research!
Daniel Chege says
I encourage my children to save for their future, it is essential to teach them when they are young.