How to Set a Good Financial Example for Your Children

by Fox Symes on June 26, 2013

One of the biggest concerns when you’re a parent is ensuring that you are a good role model for them while they are growing up. With children being so greatly influenced by how they see their parents acting, it’s very important to make sure that you set a good example financially as well. Here are a few top tips on how to set a good financial example for your children.

The Importance of Savings

From a young age, it’s important to set a good example when it comes to savings. Sit down and talk to your children about the importance of putting money away, and get them to come up with their very own financial goals. Many people don’t share financial information with their children, and this can lead to unrealistic perceptions as they grow up. There’s no reason why you shouldn’t share with your kids your own savings goals and strategies, as you will become a positive role model for them by being open.

Banking Benefits

Taking your kids to the bank with you will help them to understand the process. Explain what you are doing, get them to help you with the forms, and talk them through the deposit and withdrawal procedure. If they have their own savings account, encourage them to make a deposit every time you visit the bank. When you get the statements for your child’s account, help them to go through and understand what everything means so that they can watch their money grow. Kids who have been exposed to positive role modelling in the benefits of banking are more likely to be careful with their savings.

Avoid Financial Conflict

If you are having trouble financially, try and talk objectively about it. If your children see you getting upset and frustrated about money, they may start to form negative opinions and experiences themselves. When you’re talking about money in front of your children, try and stay positive and focus on strategies and solutions rather than just the problem. Setting a good example and modelling positive problem solving skills is an important part of being a good influence on your children’s financial growth.

Get Help

When you feel like you’re struggling, it’s important to get professional help. Working through your financial problems alone can be daunting, so getting the advice of a debt solutions specialist can help you get back on track with your finances. By tackling the issue head on, you can regain control of your situation and continue to be a positive financial example for your children.

By working through these points, you can ensure that your children will have a great example to base their own financial experiences on. Starting early is a great way to give your kids the best chance at being financially successful, so start today and talk to your children about the importance of good financial principles.

Previous post:

Next post: